Financial Reporting Act 2013

Large companies

Removed the requirement to prepare parent entity financial statements and leave it to the XRB to determine any parent company reporting obligations.

Medium-sized companies

Replaced General Purpose Financial Reporting (GPFR) preparation requirements with Special Purpose Financial Reporting (SPFR) for tax purposes to minimum standards set by Inland Revenue.

Small companies

Replaced simple format template reporting with SPFR for tax purposes to minimum standards set by Inland Revenue.

Issuers

Reduced the time within which companies, with preparation obligations, needed to prepare financial reports from 5 months to 3 months.

Subsidiary companies

Removed the requirement to prepare a set of financial statements for the parent company where a group of companies has reporting obligations. The obligation to prepare consolidated statements was retained.

Medium and small limited partnerships

Replaced the historic preparation requirement with special purpose reporting for tax purposes to minimum standards set by Inland Revenue.

Large limited partnerships and partnerships

Required to prepare GPFR and have them audited and distributed to the owners.

Registered charities

Required the preparation of GPFR in accordance with standards set by the XRB. This is a simple format reporting approach for entities with operating expenditure <$2 million.

Micro registered charities (annual operating expenditure <$40,000)

Allowed GPFR (a more simple format) to be prepared on a cash basis.

Medium and small industrial and provident societies

Retained a requirement to file an annual return with the Registrar but removed the requirement to include financial statements.

Friendly societies that offer insurance services, and credit unions

Retained the requirement to file audited financial statements but removed the requirement on the Registrar to monitor them and report to Parliament.

Other friendly societies

Retained preparation, assurance and distribution to members, but removed the filing requirement.

Gaming machine societies that operate gaming machines in commercial venues

Publication obligations varied according to the society’s legal form. Introduced a consistent requirement to file audited financial statements.

Gaming machine societies that operate gaming machines almost exclusively in their own premises

Required societies to distribute audited financial statements to members. A publication requirement was not introduced.

Retirement villages

All retirement villages treated as though they are issuers for financial reporting villages. Removed that presumption for those that are not issuers in a real sense, which allowed the XRB to decide whether they could report in accordance with the second rather than the top tier of reporting.

Large Māori incorporations

Added a requirement to distribute financial reporting obligations to all beneficial owners.

Medium and small Māori incorporations

Removed the audit requirement.

Māori land trusts

Empowered the XRB to set default reporting requirements, but allowed the Māori Land Court to vary those requirements to meet individual circumstances.