Financial Reporting (Inflation Adjustments) Regulations 2021
The table below provides a summary of the legislation impacted by the 2021 inflation adjustments. The inflation adjustments come into force on 1 January 2022.
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Size thresholds impacting statutory reporting obligations |
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Current |
Inflation adjusted |
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Amendments to Financial Reporting Act 2013 (Section 45 & 46) |
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Size threshold for a large entity (other than an overseas company or a subsidiary of an overseas company), for the purpose of various enactments |
$60 million assets; or $30 million revenue |
$66 million asset; or $33 million revenue |
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Size threshold for a large overseas company or a subsidiary of an overseas company, for the purpose of various enactments |
$20 million assets; or $10 million revenue |
$22 million assets; or $11 million revenue |
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Size threshold for a “specified not-for-profit entity”, for the purpose of various enactments |
$125,000 total operating payments |
$140,000 total operating payments |
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Amendments to Companies Act 1993 (Section 204) |
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Size threshold for a large New Zealand business of an overseas company |
$20 million assets; or $10 million revenue |
$22 million asset; or $11 million revenue |
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Amendment to Friendly Societies and Credit Unions Act 1982 (Section 64) |
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| Size threshold, below which a registered society or branch which may opt-out of reporting requirements |
$30 million total operating expenditure |
$33 million total operating expenditure |
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Size thresholds impacting audit and review obligations |
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Current |
Inflation adjusted |
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Amendments to Charities Act 2005 (Section 42D) |
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Size threshold for a large charitable entity for the purpose of establishing when financial statements must be audited or reviewed |
$1 million total operating expenditure |
$1.1 million total operating expenditure |
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Definition of “medium” for setting mandatory review requirements for registered charities |
$500,00 total operating expenditure |
$550,000 total operating expenditure |