New Zealand Gazette – 2007 – No. 131

Page 3398

✨ Financial Reporting Exemption Notice



3398 NEW ZEALAND GAZETTE, No. 131 30 NOVEMBER 2007

(a) section 10(1) and 11 of the Act to the extent that these sections require
financial statements to be prepared in relation to the exempt overseas
companies; and

(b) section 13 of the Act to the extent that it requires group financial statements
prepared in relation to the exempt overseas companies to comply with
section 14 of the Act; and

(c) section 19(3) of the Act to the extent that this section requires financial
statements of the exempt overseas companies, 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 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 companies under
section 13 of the Act.

7 Conditions
The exemptions in clause 6 are subject to the conditions that –

(a) the specified financial statements of the exempt overseas companies 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 companies add information and explanations that will give a true and
fair view of those matters.

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 ENSCO Oceanics International Company
and ENSCO Offshore International Company, companies that were incorporated in the
Cayman Islands, from various provisions of the Financial Reporting Act 1993 (the Act).

The effect of the exemptions is to allow ENSCO Oceanics International Company and
ENSCO Offshore International Company to provide the group financial statements that they
are required to prepare under financial reporting requirements in the Cayman Islands. The
principal differences in financial statements provided by ENSCO Oceanics International
Company and ENSCO Offshore International Company relying on the exemptions are—

• the directors of ENSCO Oceanics International Company and ENSCO Offshore
International Company will prepare and register financial statements for the
New Zealand business and consolidated financial statements only (not standalone 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).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2007, No 131


Gazette.govt.nz — PDF NZ Gazette 2007, No 131




✨ LLM interpretation of page content

💰 Financial Reporting Act (ENSCO Oceanics International Company and ENSCO Offshore International Company) Exemption Notice 2007 (continued from previous page)

💰 Finance & Revenue
28 November 2007
Financial Reporting Act, Exemption Notice, Overseas Companies, ENSCO Oceanics International Company, ENSCO Offshore International Company, US GAAP, Cayman Islands