SpeechDAN BIDOIS (National—Northcote): It's a pleasure to talk today to the Auckland Regional Amenities Funding Amendment Bill and I'd just like to start out by acknowledging the member in the chair Dr Parmjeet Parmar for bringing this issue forward. It's an important issue for New Zealand's greatest city Auckland and I'm really proud that she's sponsored this bill.Secondly I'd just like to acknowledge the organisations that this preamble covers. These are really important organisations and it's going to be more important now post-COVID that we support these organisations. Organisations like the Auckland Philharmonia Orchestra—fantastic organisation—the New Zealand Opera—oh just love it—and I'm not going to give you a demo but I do want to acknowledge the role that these organisations play in the collective creative industry sector of Auckland.Now turning our attention to the preamble which is what we're discussing today I would like to acknowledge that the purpose of this bill is laudable. We have now two international standards of accounting practice: the International Financial Reporting Standards (IFRS) on the one hand which was created kind of more to do with the EU and the rest of the world and generally accepted accounting principles (GAAP) which is very much centred on the United States. And these fantastic organisations unfortunately have to combine and do two sets of audited accounts. So the member's bill that we're discussing today seeks to address that by essentially eliminating the need for one audited accounts—that of IFRS—and favouring the generally accepted accounting practices thing.So why is this important? It's important because at a time where a lot of these organisations' funding streams are going to be drying up we need to look at ways in which to reduce their cost base and reduce the burden that they have for operating. I believe that my colleague Dr Parmjeet Parmar's bill does that and it's something that we will be supporting through—Michael Wood: How does it do that? Tell us more!DAN BIDOIS: Well we can tell you more about how it does it; it's pretty simple. Michael Wood wants to know more about it. So how does it do it? Well to put an audited set of accounts together for IFRS you've got to go to an accounting firm right? How much does an accounting firm—well Deborah Russell can tell you; she's an accountant. Oh no she's not. She's a lecturer. Professor Deborah Russell has given us a lecture today in accounting and essentially what we have here is the cost burden of going to an accountant preparing the statements that in fact perhaps a lot of these organisations are not doing—they're not doing so because they're technically in breach but they already do it for GAAP. So this law is an important law that we're debating today to seek to address that anomaly to simplify cost of compliance for these fantastic organisations and we on this side of the House think that anything that reduces cost of compliance for organisations in a time like this should be rushed through the House.So I look forward in the remaining stages of this discussion to do a deep dive of some of these fantastic organisations and to support this bill further. So without taking too much more time we'll wait for further opportunities for a contribution.