1.1 ACIS211Week1BM_Lecture_one

1.1 ACIS211Week1BM_Lecture_one - ACIS211Lectureone...

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    ACIS211 Lecture one NZ Reporting environment
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    Objectives Describe different types of companies Discuss basic reporting requirements for  companies Learn where reporting requirements come  from Consider the NZ Framework
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    Issuers An issuer has offered and issued shares to the  public s33 of the Securities Act 1978 requires issuers to publish  a registered prospectus The prospectus must disclose all relevant details for the  issue of shares and financial affairs of the company
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    Non-Issuer  Shares owned by a restricted group of  people  Not available to the public
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    Listed or Non-listed  Listing on a stock exchange allows for third  party trading in the shares of the company  Listed companies must comply with the  rules associated with their exchange
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    Financial Reporting Act 1993 (FRA) Purposes :  Prescribes Financial Reporting  Requirements for different entities  Establishes Accounting Standards  Review Board  Gives legal force to approved  accounting standards
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    Financial Reporting Act 1993 (FRA) Main provisions: 1. Defines an “ entity”   for the purposes of  the Act as:  All Issuers and All companies.   An issuer is any organisation which makes a public  issue of  debt  (eg debentures) or  equity  (eg shares). A company is an organisation registered with the  Registrar of Companies 2. Distinguishes different types of entities –  Reporting, Exempt and Public sector  entities
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    Financial Reporting Act 1993 (FRA)   (cont) 3  All entities must prepare financial statements  annually (s10) 4 Reporting entities and exempt companies have  different financial reporting requirements 5 Financial statements of  reporting entities  must  (s11): (a)   Comply with GAAP (Generally Accepted  (b)   Show a True and Fair View
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    Financial Reporting Act 1993 (FRA)   (cont) 6. Financial statements of  exempt companies  must be Prepared in accordance with the Financial Reporting Order  1994 (FRO) which contains a simplified prescription for the  financial statements (s12 of FRA). Financial Reporting Order implicitly requires the reports to be  based on GAAP) 7. The functions of the Accounting Standards Review Board  (ASRB) are: To review and approve financial reporting standards To give directions for accounting policies that have  authoritative support within New Zealand 
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    Financial Reporting Act 1993 (FRA)   (cont) 1. Offences:  Directors  of  Reporting  Entities  are  liable  to  a 
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This note was uploaded on 12/23/2009 for the course BCOM ACIS 211 taught by Professor Susanwild during the Spring '09 term at Canterbury.

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1.1 ACIS211Week1BM_Lecture_one - ACIS211Lectureone...

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