✨ Financial Reporting Exemptions
30 NOVEMBER 2007
NEW ZEALAND GAZETTE, No. 131
(including the Securities Exchange Act of 1934 (US) and the Code of Federal Regulations (US))
US GAAP means generally accepted accounting principles in the United States of America.
6
Exemptions for directors of exempt overseas companies
(1) Every director of an exempt overseas company is exempted from the following provisions in respect of the exempt overseas company:
(a) sections 10(1), 11, and 14 of the Act; and
(b) section 13 of the Act to the extent that it requires group financial statements to be prepared in relation to the exempt overseas company to comply with section 14 of the Act; and
(c) section 19(3) of the Act to the extent that it requires copies of the financial statements of the exempt overseas company, together with a copy of the auditor’s report on those statements, to be delivered to the Registrar for registration.
(2) Subclauses (1)(a) and (c) do not apply in relation to the New Zealand branch accounts that are required to be prepared in relation to the group’s New Zealand business prepared in accordance with New Zealand generally accepted accounting practice as if the members of the group were companies formed and registered in New Zealand.
(3) Subclause (1)(c) does not apply in relation to the group financial statements that are required to be prepared in relation to the exempt overseas company under section 13 of the Act.
Conditions
The exemptions in clause 6 are subject to the conditions that –
(a) the specified financial statements of the exempt overseas company comply with US GAAP; and
(b) if, in complying with US GAAP, the specified financial statements do not give a true and fair view of the matters to which they relate, the directors of the exempt overseas issuer add information and explanations that will give a true and fair view of those matters; and
(c) the specified financial statements are accompanied by a report by an approved auditor that complies with the requirements of Part 210 of the Code of Federal Regulations (US).
Dated at Wellington this 28th day of November 2007.
Statement of reasons
This notice, which comes into force on its notification in the New Zealand Gazette and expires on 31 July 2012, exempts the directors of certain overseas companies incorporated in the United States of America (the United States) from various provisions of the Financial Reporting Act 1993 (the Act).
The effect of the exemptions is to allow overseas companies incorporated in the United States to provide the group financial statements that they are required to prepare under financial reporting requirements in the United States. The principal differences in financial statements provided by overseas companies relying on the exemptions are—
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 131
Gazette.govt.nz —
NZ Gazette 2007, No 131
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Financial Reporting Act (Overseas Incorporated Companies – United States of America) Exemption Notice 2007
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💰 Finance & Revenue28 November 2007
Financial Reporting Act, Exemption Notice, Overseas Companies, United States of America, US GAAP