New Zealand Gazette – 2007 – No. 131

Page 3401

✨ Financial Reporting Exemption Notice



30 NOVEMBER 2007 NEW ZEALAND GAZETTE, No. 131

6 Exemptions for directors of exempt overseas companies

Every director of an exempt overseas company is exempted from the following provisions in respect of the exempt overseas company:

(a) section 10(1), 11, 13 and 14 of the Act; and

(b) section 19(3) of the Act to the extent that it requires copies of the financial statements and group 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.

7 Conditions

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

(a) the specified financial statements comply with Australian GAAP; and

(b) if, in complying with Australian 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 company add information and explanations that will give a true and fair view of those matters; and

(c) the directors of the exempt overseas company ensure that, within 20 working days after the specified financial statements are required to be signed, the following documents are delivered to the Registrar for registration:

(i) a copy of the specified financial statements;

(ii) a memorandum signed by the directors of the exempt overseas company which states that:

A the specified financial statements are the consolidated financial statements that are required to be prepared under the Class Order and are not the financial statements of the exempt overseas company; and

B the exempt overseas company has been granted relief under the Class Order and the basis for which the exempt overseas company qualifies for such relief; and

C the nature of the relief granted;

(iii) a copy of the Class Order.

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 Australia from various provisions of the Financial Reporting Act 1993 (the Act).

The effect of the exemptions is to allow overseas companies incorporated in Australia, which are wholly owned subsidiaries that have been granted relief under the Australian Securities and Investment Commission’s (ASIC) Class Order [98/1418] Wholly-owned entities (the Class Order), to provide the consolidated financial statements that they are required to prepare under financial reporting requirements in Australia.

The Class Order provides that certain wholly-owned subsidiaries may be relieved from the requirement to prepare and lodge audited financial statements under Chapter 2M of the Corporations Act 2001 (Aust), where they enter into deeds of cross guarantee with their parent or “holding entity” and meet certain other conditions. The relief is granted on the



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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 (Overseas Incorporated Companies – Australian Wholly-Owned Entities) Exemption Notice 2007 (continued from previous page)

💰 Finance & Revenue
28 November 2007
Financial Reporting Act, Exemption Notice, Overseas Companies, Australian Wholly-Owned Entities, Australian GAAP, Directors, Conditions

💰 Statement of reasons for Financial Reporting Act Exemption Notice

💰 Finance & Revenue
Exemption Notice, Statement of Reasons, Financial Reporting Act, Overseas Companies, Australian Securities and Investment Commission, Class Order