17 November 2004
Review of Financial Reporting Act continues
Commerce Minister Margaret Wilson today released a second discussion document on the review of the Financial Reporting
Act 1993.
Issues covered in the document include: The appropriate institutional and enforcement arrangements for financial
reporting; Several matters relating to the mechanics and practicalities of financial reporting; and The appropriate
regime for setting auditing standards.
The discussion document seeks submissions on areas of the Financial Reporting Act not addressed in an earlier document
released in March.
It also sets out a revised set of proposals on who should provide financial reports, following feedback from March's
discussion paper.
“The aim of this review is to ensure New Zealand’s financial reporting regime is tailored to the country’s unique
environment and strikes a balance between the costs and benefits of financial reporting," Margaret Wilson said. "It must
also be flexible enough to take into account future changes in New Zealand and internationally.”
Copies of the discussion document are available by request from the Ministry of Economic Development, or from the
Ministry’s website, http://www.med.govt.nz. The closing date for submissions is Friday, 25 February 2005.
ENDS