Financial Reporting Amendment Act 2004

1: Title
1: This Act is the Financial Reporting Amendment Act 2004.
2: In this Act, the Financial Reporting Act 1993 the principal Act
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
3: Interpretation
1: Section 2(1) exempt company exempt company
a: as at the balance date of the accounting period for which financial statements are required,—
i: the value of the total assets of the company (including intangible assets) reported in the statement of financial position did not exceed $450,000 or any other amount that is, from time to time, prescribed by Order in Council for the purposes of this subparagraph; and
ii: the company was not a subsidiary of another body corporate or association of persons; and
iii: the company did not have any subsidiaries; and
b: in the accounting period for which financial statements are required, the turnover of the company did not exceed $1,000,000 or any other amount that is, from time to time, prescribed by Order in Council for the purposes of this paragraph .
2: Section 2(1) turnover turnover .
4: Content of financial statements of exempt companies
1: Section 12 subsection (1)
1: The financial statements of an exempt company must either—
a: be in the form and contain the particulars and comply with the directions as to the preparation of those statements prescribed by the Governor-General by Order in Council; or
b: comply with section 11
1: The financial statements of an exempt company must either—
a: be in the form and contain the particulars and comply with the directions as to the preparation of those statements prescribed by the Governor-General by Order in Council; or
b: comply with section 11
2: Section 12(2) The Governor-General For the purposes of subsection (1)(a)
5: Functions of Board
Section 24 subsection (2)
2: For the avoidance of doubt, the function of the Board referred to in subsection (1)(a)
6: New
section 36A The principal Act is amended by inserting, after section 36
36A: Content of statements that contain prospective, summary, or interim financial information
1: Any statement prepared by, or on behalf of, a reporting entity that contains prospective, summary, or interim financial information for the reporting entity must comply with any applicable financial reporting standard.
2: Any statement prepared by, or on behalf of, a group comprising a reporting entity and its subsidiaries that contains prospective, summary, or interim financial information for the group must comply with any applicable financial reporting standard.
3: Every director of a reporting entity commits an offence and is liable on summary conviction to a fine not exceeding $100,000 if—
a: any statement prepared by, or on behalf of, the reporting entity that contains prospective, summary, or interim financial information for the reporting entity does not comply with this section; or
b: any statement prepared by, or on behalf of, a group comprising the reporting entity and its subsidiaries that contains prospective, summary, or interim financial information for the group does not comply with this section.
4: This section does not apply to the extent that it is inconsistent with, or modified by, the provisions of another enactment.