Global

Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 8/22/2012

New Zealand - New financial reporting requirements 

August 22:  New measures will replace those under New Zealand’s current Financial Reporting Act with changes to the financial reporting requirements for entities operating in New Zealand.

The legislation (introduced 31 July 2012) is intended to improve the financial reporting system by reducing compliance costs and by streamlining the financial reporting requirements for entities that prepare general purpose financial statements. These measures are intended to provide external users with access to an entity's financial statements when they are unable to demand it.


Financial reporting requirements for issuers would remain largely unchanged, but likely would be included in the Financial Markets Conduct Act 2011.


Read an August 2012 report prepared by the KPMG member firm in New Zealand: Reporting update - Financial reporting bill




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