✨ Financial Reporting Exemption
NEW ZEALAND GAZETTE, No. 72
26 JUNE 2007
Citibank N.A.
Notice exempting company from compliance with Financial Reporting Act 1993
Pursuant to section 35B of the Financial Reporting Act 1993 (“the Act”)
1 This notice, which comes into force on its notification in the New Zealand Gazette and expires on the close of 30 June 2012, exempts the directors of Citibank N.A., subject to conditions, from certain preparation and filing requirements of the Act in respect of financial statements for Citibank N.A. and group financial statements for the Citibank N.A. group of companies.
2 Application
The exemption granted by this notice applies to the following accounting periods of Citibank N.A. and the Citibank N.A. group of companies:
(a) accounting periods that commenced before the exemption is granted (including an accounting period that has ended before the exemption is granted) if,—
(i) in the case of copies of financial statements or group financial statements for that period that are required to be delivered for registration under section 19 of the Act, the exemption is granted before those documents are required to be delivered for registration under that section; and
(ii) in any other case, the exemption is granted before the financial statements or group financial statements for that period are required to be completed; and
(b) subsequent accounting periods.
3 Exemption for directors of Citibank N.A.
(a) As an overseas company Citibank N.A. is required to prepare financial statements and group financial statements by virtue of sections 10 and 13 of the Act. Section 19 of the Act requires the directors of Citibank N.A. to have these financial statements audited and to register them with the Registrar of Companies together with a copy of an auditor’s report on the financial statements and group financial statements.
(b) The Registrar of Companies considers that it is appropriate to grant the exemptions because it would be unduly onerous and burdensome for the directors of Citibank N.A. to prepare financial statements for Citibank N.A. that comply with sections 8 and 11 of the Act, and group financial statements for the Citibank N.A. group of companies that comply with the sections 9 and 14 of the Act. Therefore the Registrar grants the following exemptions from the requirements of the Act to the directors of Citibank N.A:
(i) In respect of Citibank N.A.:
A An exemption from the requirements in section 8 as to the meaning of the term "financial statements";
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 72
Gazette.govt.nz —
NZ Gazette 2007, No 72
✨ LLM interpretation of page content
💰 Notice exempting Citibank N.A. from Financial Reporting Act 1993
💰 Finance & RevenueExemption, Financial Reporting Act 1993, Citibank N.A., Overseas Company