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

© Scoop Media