Financial Reporting Bill passes first reading
28 November 2012 Media
Bill passes first reading
A Bill that removes the
requirement for smaller companies to produce complex
financial statements has passed its first reading in
The Financial Reporting Bill allows
shareholders of small and medium sized companies to decide
whether the company must prepare financial statements says
Commerce Minister Craig Foss.
“More than half a
million companies are registered in New Zealand and all of
them are currently required to prepare financial statements.
“This Bill will remove expensive and unnecessary
reporting obligations. Small and medium-sized companies will
then be able to direct resources where the need is greatest
- growing their business,” says Mr Foss.
will also improve the quality of financial reporting by
charities and allow the External Reporting Board to issue
accounting standards for registered charities.
“The Bill will clarify what is expected of charities,
improve the quality of financial reporting and allow easier
comparisons between charities,” says Mr Foss.
Financial Reporting Bill has been referred to the Commerce
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