REVIEW OF FINANCIAL REPORTING BY ISSUERS
CYCLE 4

CONTENTS

EXECUTIVE SUMMARY
INTRODUCTION

Financial Reporting Surveillance Programme
Cycle 4 Review of Financial Reporting by Issuers

RESULTS OF THE REVIEW

Follow-up Action
Outcome of Matters Raised

FINDINGS UNDER NZ EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

Quality of explanation of transition to NZ IFRS
Share-based payment transactions not identified and not disclosed
The presence of a liability component in a convertible note
Common non-disclosures

FINDINGS UNDER PREVIOUS NZ GAAP

Non-consolidation of controlled entities
Prospective financial information and accounting policies
Omission of disclosures required by FRS-41
Lack of explanation of actual versus prospective financial information variances
Minor Matters

MARKET MATTERS: NZX REFERRALS
FOLLOW-UP FROM THIS CYCLE
FOLLOW-UP FROM OTHER CYCLES
ONGOING REVIEW AND ENFORCEMENT

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