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3rd review of financial reports

News release

12 September 2006

Securities Commission releases 3rd review of financial reports

The Securities Commission has completed the third cycle of its financial reporting surveillance programme.

The Commission reviewed 45 financial reports with balance dates from 31 March 2005 to 30 September 2005. Nineteen issuers had matters that needed to be addressed.

For the first time the Commission looked into disclosures required about the transition to New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS). More than half of the reports either did not include information about the transition to NZ IFRS, or only partially complied with the requirements.

“These disclosures are very important for issuers to signal to the market the likely impact of adopting NZ IFRS,” Chief Accountant Alastair Boult said.

“A great deal of effort is going into NZ IFRS transition but the Commission is disappointed with the level of response to these disclosures in the financial statements examined in Cycle 3.”

The Commission itself changed its financial reports to comply with NZ IFRS in the 2005-2006 year. “A key lesson from this experience is not to underestimate the work required to make the transition,” Alastair Boult said.

The review also identified three matters relating to continuous disclosure notices that have been referred to NZX for their consideration.

The reviews aim to encourage issuers to improve the quality of their financial reports and thus contribute to the integrity of New Zealand’s securities markets. The report on the Cycle 3 Review gives market participants guidance on the Commission’s expectations of disclosure by issuers.

The Commission is continuing its Financial Reporting Surveillance Programme and is currently reviewing financial reports of early adopters of NZ IFRS with a 31 December 2005 balance date.

ENDS

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