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Report to help issuers improve financial reports

Report aims to help issuers improve their financial reports

The Securities Commission has published a report on its review of issuers’ financial reports.

The review, carried out earlier this year, was the first cycle of the Commission’s financial surveillance programme which aims to help issuers improve the quality of their financial reports.

"This will enable investors to have confidence in the credibility of financial information provided by issuers, and contribute to the integrity of New Zealand’s securities markets,” says Chief Accountant Alastair Boult.

Financial reports of 40 companies were reviewed against New Zealand Generally Accepted Accounting Practice. The Commission also considered financial information in any current prospectuses, substantial security holder information, continuous disclosure notices and other sections of the annual report, such as the chairman’s report.

Reports of 16 issuers had some shortcomings. The Commission’s report identifies the various shortcomings and how they should be addressed.

“We are publishing the report because this information will be useful to issuers who want to improve the quality of their financial reporting,” Alastair Boult says.

The report can be printed from the Commission’s website: www.sec-com.govt.nz or alternatively a hard copy can be ordered by calling 04-472 9830 or emailing
seccom@sec-com@govt.nz .

ENDS

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