Securities Commission commences Cycle 2 of financial reporting surveillance programme

The Securities Commission's review of the standard of financial reporting by New Zealand public securities issuers has moved into its next phase.

Following the publication of its report on Cycle 1 of its financial reporting surveillance programme, the Securities Commission is now underway with Cycle 2, reviewing the financial reports of 46 issuers against New Zealand Generally Accepted Accounting Practice.

The Commission is also reviewing financial information contained in prospectuses, substantial security holder information, continuous disclosure notices and other sections of annual reports such as the chairman's report.

Later phases of the financial reporting surveillance programme are expected to focus on disclosures and adjustments made by issuers as they move to the New Zealand equivalents of the International Financial Reporting Standards.

A report on Cycle 2 will be published later in the year.

For more information, see www.sec-com.govt.nz.

Enquiries and information

For more information on any of the cases, articles and features in Financial Services Quarterly, please email Rachel Gowing or call on 64 9 916 8825.