✨ Financial Reporting Exemption Notice
3396 NEW ZEALAND GAZETTE, No. 131 30 NOVEMBER 2007
• the directors of the overseas company will prepare and register financial statements for the New Zealand business and consolidated financial statements only (not stand-alone parent company financial statements):
• the consolidated financial statements will comply with generally accepted accounting principles in the United States (rather than generally accepted accounting practice in New Zealand):
• the consolidated financial statements will be audited in accordance with the requirements set out in United States legislation and the auditor’s report will provide the information required by United States legislation instead of the Act.
The Registrar considers that it is appropriate to grant the exemptions because—
• the Registrar has had regard to the financial reporting and audit requirements that must be complied with by United States incorporated companies who rely on the exemptions. The exemptions are limited to overseas companies that must comply with the financial reporting and audit requirements set out in the Securities Exchange Act of 1934 (US) and the Code of Federal Regulations (US); and
• an overseas group relying on the exemptions will still be required to file financial statements for 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; and
• the Registrar is satisfied that the consolidated financial statements required to be prepared under United States financial reporting laws provide sufficient information to avoid any detriment to members of the public who have dealings with companies incorporated in the United States; and
• the exemptions address the particular difficulties experienced by United States incorporated companies that carry on business in New Zealand. The exemptions are not broader than what is reasonably necessary to address these difficulties and still require that group financial statements be filed in New Zealand.
Date of notification in New Zealand Gazette: 30 November 2007.
This notice is administered by the Registrar of Companies.
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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
✨ LLM interpretation of page content
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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
- Registrar of Companies