Accounting and accounting rules in New Zealand

Accounting Rules

Tax Year

From 1 April to 31 March. Alternative balance sheet dates are generally allowed by the Inland Revenue Department upon application.

Accounting Standards

For the full list of approved standards please access the Institute of Chartered Accountants' website.

Accounting Regulation Bodies

Audit New Zealand
Accounting Standards Review Board (ASRB)

Accounting Reports

The accounting structure is described in the GAAP (Generally Accepted Accounting Practice) on the New Zealand Treasury website. The annual report has to include a balance sheet, a profit and loss account and a cash flow statement.

Publication Requirements

The "Financial Reporting Act" of 1993 forces any organization to produce an annual report of the financial flows within the 5 months preceding the end of the accounting year, before disclosure to the "Registrar of Companies" for agreement. Only companies quoted in the stock exchange have to publish their accounts. According to the law of transferable securities and the law of exchange, registrants must file to the Ministry of Finance the annual and biannual statement reports, as well as a copy in the foreign exchange markets where transferable securities are registered.

Professional Accountancy Bodies

CA ANZ , Institute of Chartered Accountants of New Zealand

Certification and Auditing

The control of accounts must be made by a company certified by the CA ANZ and recognized as a "Chartered Accountant". The NZ Institute of Chartered accountants is New Zealand's only professional accounting body. It has three membership groupings: chartered accountants, associate chartered accountants, and accounting technicians.

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