Further to our previous advice of the biggest change in Financial Reporting legislation in New Zealand for at least a generation we are pleased to advise that the legislative approval process is on track.
The Financial Reporting Bill had its first reading on Wednesday 28 November and has now been referred to the Commerce Select Committee. The Select Committee is required to report back to Parliament on its examination of the Bill by 28 May 2013. This means that the Bill is on track for enactment in late 2013, subject to Parliamentary priorities of course.
The Select Committee has set a date for submissions on the Bill being 18 January 2013. Hence if you are interested in making a submission on any aspect of the Bill it has to be in by that date. Click here for earlier detailed update