Accounting reforms in 2014 and 2015
On 6 November 2014, 4 amendment Acts received Royal Assent. Together these Acts improve the efficiency and effectiveness of the accounting and audit markets.
Auditor Regulation Amendment Act 2014
This Act allowed New Zealand audit firms to incorporate using the company form. It also allowed certain incorporated overseas audit firms to operate in New Zealand.
The Act came into force on 1 July 2015.
Financial Reporting Amendment Act 2014
This Act allowed members of accredited professional bodies to perform most statutory audits if they are recognised by their professional body as qualified to do so.
This Act came into force on 1 July 2015.
The New Zealand Institute of Chartered Accountants Amendment Act 2014
This Act enabled the Institute of Chartered Accountants to merge with its Australian counterpart, the Institute of Chartered Accountants Australia, to form a new trans-Tasman institute called ‘Chartered Accountants Australia and New Zealand’ (CAANZ).
This Act came into force between 15 December 2014 and 1 July 2015.
Charities Amendment Act 2014
This Act required registered charities with annual operating expenditure of $500,000 or more to have the financial statements they file with their annual returns to be assured by a qualified accountant.
This Act came into force on 1 April 2015.