The new financial reporting standards are now in place (as at 1 April 2015) for registered charities. Part one of the series summarised the different tiers of the reporting standards, and how to move between tiers. Part two of the series outlined the non-financial information which is required to be included in the reports. This final part summarises the rules for related entities and provides guidance as to when consolidated accounts are required.
From 17 March 2015, the Court, on application by the Commerce Commission, is able to declare terms in some consumer contracts to be unfair. For a term to be found to be ‘unfair’, the Court must be satisfied that the term causes significant imbalance to a party’s rights or obligations, the term is not necessary and will cause detriment (whether financial or otherwise) to a party if it were applied, enforced or relied on. While the Court has the discretion to take into account any matters it thinks relevant, it must take into account the transparency of the term and the contract as a whole.
An unfortunate fact of life is that people occasionally end up in dispute with one another. Sometimes these can be big, and other times it can be over small amounts or issues. When the latter happens, it is not always economical to engage a lawyer to help resolve the issues and often people are left feeling like there is no remedy. The Disputes Tribunal is aimed at providing access to justice and assisting people in these situations.
The two year transition period prescribed by the Financial Markets Conduct Act 2013 (FMCA) is in full effect with the move away from the old Securities Act 1978 and other relevant legislation, commencing with the introduction of Phase 1 of the FMCA in April 2014. The Financial Markets Authority (FMA) has recently provided advice on the supervision and associated governance responsibilities that form a key part of the FMCA. This article discusses the practical approach that the FMA has recommended be adopted by those responsible for supervisory and governance functions under the FMCA.
The new financial reporting standards are now in place (as at 1 April 2015) for registered charities. Part one of this series summarised the different tiers of the reporting standards, and how to move between tiers. View part one in McCaw Lewis Publications (Articles - Commercial). This part outlines the non-financial information which is required to be included in the reports.