NZSA Announcements
| Confused about published accounts and what is a true and fair view? NZSA seeks clarity on IFRS deferred tax issue The NZSA is aware that many members and almost all media are confused by the effect of deferred tax on reported company profits. This is a result of IFRS accounting standards impacting with the recent removal of depreciation allowances for buildings. The Association commissioned Korda Mentha to provide a simplified explanation of the problem, and how you should read accounts to get a true and fair picture compared to previous years. This is only one issue with IFRS and your board is currently considering how the distortions it has introduced can best be addressed. We will be liaising with the NZ Institute of Chartered Accountants and senior company directors to see if there is some way of bringing clarity to this problem. Click here to view Korda Mentha explanation. |
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| Air New Zealand CEO Rob Fyfe is 2010 winner of the NZSA Beacon Award |
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| Hotchin and Watson joint winners of NZSA 2010 Golden Glob Award |
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| NZSA submissions to Securities Act Review - August 2010 In late August, the Association completed the mammoth task of reviewing the MED’s proposals for the new Securities Act.
This is a once in 30 year chance for the NZSA to have input into the underlying law that the new FMA will enforce. It is not something that grabs headlines, but in many respects it is the most important type of work your Association undertakes on your behalf.
I have summarised the main areas we concentrated on below.
· With the exception of disclosure, we favour principle based legislation to give maximum flexibility.
· Disclosure documents to be clearly prescribed so that meaningful comparisons can easily be made.
· We favour a 3 tier approach to disclosure incorporating 1) a simplified basic offer, 2) a more detailed outline and 3) additional information at the offerer’s discretion. These layers build on each other allowing different degrees of analysis depending on the investor or analyst’s skill level, but avoiding the huge documents currently required..
· Exemptions to the Act to be by positive opt-out rather than the automatic concept proposed.
· Consistent penalties and requirements across all investment types.
The full 24 page document is available in the Correspondence section of the ADVOCACY page of the NZSA website.
John Hawkins
CHAIRMAN
New Zealand Shareholders' Association |
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