Report on Cycle 4 of review of financial reports released


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1 June 2007

News release

Report on Cycle 4 of review of financial reports released

The Securities Commission has completed the fourth cycle of its financial reporting surveillance programme.

The Commission reviewed financial reports of 40 issuers with balance dates from 30 June 2005 to 31 March 2006. Nine of the issuers were early adopters of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS).

Seventeen issuers had matters that needed to be addressed.

"The Commission is generally pleased with the cooperation from issuers and their willingness to improve the quality of their financial reporting," Commission Chief Accountant, Alastair Boult says. "The level of compliance for the early adopters of NZ IFRS was also generally good."

Of the seventeen issuers the Commission wrote to satisfactory agreement was reached on 85% of matters raised. Three significant matters are being followed up separately.

The review also identified issues relating to non-disclosure of waivers in annual reports. One matter was referred to NZX and two other matters were referred to NZX Discipline Special Division.

"We are publishing the report because this information will be useful to issuers who want to improve the quality of their financial reporting particularly those adopting NZ IFRS," Alastair Boult says.

The reviews aim to encourage issuers to improve the quality of their financial reports and thus contribute to the integrity of New Zealand's securities markets.

The Commission will continue its financial reporting surveillance programme.

The report on Review of Financial Reporting by Issuers Cycle 4 is available on this webiste.

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Contact: Poly Banerjee 04 471 7666

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