New Zealand Introduces New Financial Reporting for Certain Companies

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The New Zealand government has issued minimum and simplified financial reporting requirements for small to medium-sized companies not subjected to the FR Act 13.

The New Zealand government has issued minimum and simplified financial reporting requirements for small to medium-sized companies not subjected to the FR Act 13.

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  • 1. New Zealand Introduces New Financial Reporting for Certain Companies (Bristol, UK) - The New Zealand government has issued minimum and simplified financial reporting requirements for small to medium-sized companies not subjected to the Financial Reporting Act 2013, reports Nair & Co.’s International Accounting Services Team. The new regulation is applicable to accounting periods starting on or after 1 April 2014. The following will be impacted:  Companies with total assets of not more than NZ $60 million or annual revenue of not more than NZ $30 million.  Some subsidiaries, foreign entities and their subsidiaries with revenues of not more than NZ $10 million and assets of not more than NZ $20 million. Companies are advised to follow the below minimum requirements:  A profit and loss statement and balance sheet should be prepared based on double entry accrual accounting principles along with supporting schedules.  Schedules should include:  a statement of accounting policies,  fixed asset registers,  taxable and accounting income reconciliation,  specified related-party disclosures, etc. Nair & Co. advises companies operating in New Zealand to undertake a detail analysis and make appropriate changes to their financial reporting processes. For more information about doing business overseas or to learn more about our International Expansion Services team please contact us.
  • 2. Subscribe to regular global tax compliance alerts from Nair & Co. Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts. About Nair & Co. Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867