✨ Financial Reporting Act Exemption Notice
3402 NEW ZEALAND GAZETTE, No. 131 30 NOVEMBER 2007
basis that the deed of cross guarantee makes the group of companies that are parties to that
deed akin to a single legal entity in many respects. Creditors and potential creditors can then
focus on the consolidated financial position for those entities rather than the individual
financial statements of the wholly-owned subsidiaries that are parties to the deed.
The principal differences in financial statements provided by overseas companies relying on
the exemptions are—
• the directors of the overseas company will prepare and register financial
statements for the New Zealand business and the consolidated financial
statements prepared for the parent entity only (not stand-alone parent company
financial statements):
• the consolidated financial statements will comply with generally accepted
accounting principles in Australia (rather than generally accepted accounting
practice in New Zealand).
The Registrar considers that it is appropriate to grant the exemptions because—
• the Registrar has had regard to the financial reporting requirements that must be
complied with by Australian incorporated companies who rely on the exemptions.
The exemptions are limited to overseas companies that have been granted relief
by ASIC under the Class Order; and
• an overseas company 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 for the parent
company that are required to be prepared under the Class Order provide sufficient
information to avoid any detriment to members of the public who have dealings
with companies incorporated in Australia who have been granted relief under the
Class Order; and
• the exemptions address the particular difficulties experienced by Australian
incorporated companies that carry on business in New Zealand, and that have
been granted relief under the Class Order from the requirement to prepare stand
alone parent company financial statements in Australia. The exemptions are not
broader than what is reasonably necessary to address these difficulties and still
require that consolidated 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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Statement of reasons for Financial Reporting Act Exemption Notice
(continued from previous page)
💰 Finance & Revenue30 November 2007
Exemption Notice, Statement of Reasons, Financial Reporting Act, Overseas Companies, Australian Securities and Investment Commission, Class Order
- Registrar of Companies