Firms get tick for reporting standards

Wednesday 6th August 2008

New Zealand companies generally have a good standard of financial reporting, the Securities Commission concluded after completing the seventh stage of its surveillance programme.

The securities regulator reviewed the financial statements of 44 companies with balance dates of Dec. 21, 2006, to September 30, 2007 and was prompted to write to 17 because of issues it found.

The results of the so-called Cycle 7 surveillance found similar issues to previous cycles: related party disclosures, financial instruments, directors' interests and share transactions, and substantial security holder disclosures.

The commission also urged companies to ensure they comply with the New Zealand version of International Financial Accounting Standards.

By Jonathan Underhill

Comments from our readers

No comments yet