New-Zealand: Business Environment

Accounting Rules

Tax Year

From 1st April to 31 March. Alternative balance sheet dates are generally allowed by the Inland Revenue Department upon application.

Accounting Standards

For the full list of approved standards please access the Institute of Chartered Accountants' website.

Accounting Regulation Bodies

Audit New Zealand
ASRB

Accounting Reports

The accounting structure is described in the GAAP (Generally Accepted Accounting Practice) on the New Zealand Treasury website. The annual report has to include a balance sheet, a profit and loss account and a cash flow statement.

Publication Requirements

The "Financial Reporting Act" of 1993 forces any organization to produce an annual report of the financial flows within the 5 months preceding the end of the accounting year, before disclosure to the "Registrar of Companies" for agreement. Only companies quoted in the stock exchange have to publish their accounts. According to the law of transferable securities and the law of exchange, registrants must file to the Ministry of Finance the annual and biannual statement reports, as well as a copy in the foreign exchange markets where transferable securities are registered.

Professional Accountancy Bodies

NZICA , New Zealand Institute of Chartered Accountants

Certification and Auditing

The control of accounts must be made by a company certified by the NZICA and recognized as a "Chartered Accountant". The NZ Institute of Chartered accountants is New Zealand's only professional accounting body. It has three membership groupings: chartered accountants, associate chartered accountants, and accounting technicians.
You van contact an external auditor: Deloitte, KPMG, Ernst & Young, PricewaterhouseCoopers.

Accounting News

The Chartered Accountants Journal of New Zealand
IAS Plus

Tax Rates

Intellectual Property

National Organizations

For more information go to the web sites of the two regulation bodies: the Intellectual Property Office of New Zealand and the Copyright Council of New Zealand. You can also consult the Intellectual Property Policy on the Ministry of Economic Development website.

Regional Organizations

New Zealand is a member of the Intellectual Property Rights Experts Group (IPEG) of the APEC community.

International Membership

Member of the WIPO (World Intellectual Property Organization)
Signatory to the Paris Convention For the Protection of Intellectual Property
Membership to the TRIPS agreement - Trade-Related Aspects of Intellectual Property Rights (TRIPS)

Legal Framework

Independence of Justice

The judiciary system is independent in New Zealand.

Equal Treatment of Nationals and Foreigners

Foreign nationals can expect an impartial trial from the country’s judicial system.

The Language of Justice

English and Maori are, as the country official languages, the two judicial languages used in New Zealand.

Recourse to an Interpreter

It is possible to have access to an interpreter in New Zealand.

Sources of the Law and Legal Similarities

The system is modeled on the English common law, certain statutes of the United Kingdom Parliament enacted before 1947 (notably the Bill of Rights 1689), and statutes of the New Zealand Parliament.The main source of the law is the constitution which is composed of a series of legal documents, including certain acts of the UK and New Zealand Parliaments, as well as The Constitution Act of 1986. The legal system is based on English law, having special land legislation and land courts for the country’s Maori population. New Zealand accepts compulsory ICJ jurisdiction but with reservations. 

Checking National Laws Online

Law Access
Lexadin, the world law guide

Standards

National Standards Organizations

Standards New Zealand

Integration in the International Standards Network

The standards in New Zealand are copied from those prevailing in Great Britain. The Standard Association of New Zealand, the competent organization in the field of standards is member of the International Organization for Standardization (ISO), the International Electrotechnical Commission (IEC), and is active in the Pacific Area Standards Congress (PASC) and the Asia Pacific Economic Cooperation (APEC).

Classification of Standards

NZS or AU/NZS

Online Consultation of Standards

The publication of standards is entrusted to Standards New Zealand.

Certification Organizations

International Accreditation New Zealand The national authority for the accreditation of testing and calibration laboratories, inspection bodies and radiology services.

Business Practices

General Information

Kwintessential, New Zealand Business Practices.

Opening Hours and Days

The normal working week is five days, Monday through Friday. The standard day for commercial establishments, bank and public (civil) service is generally 8.30 am to 5.00 pm, with a one hour lunch break. In most cities, retail stores are open seven days per week with at least one late night each week, often Thursday or Friday.

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