- Purpose of the Information Disclosure Requirements of the Kiwifruit Export Regulations 1999
- Summary of this Handbook
- Empowering Provisions of the Kiwifruit Export Regulations 1999
- Regulation 13. Kiwifruit Information Disclosure Handbook
- Regulation 18. Information required to be certified by auditor
1. Introduction
1.1 This Handbook has been prepared in accordance with the powers provided in Regulation 13 of the Kiwifruit Export Regulations 1999. This Handbook replaces the Kiwifruit Information Disclosure Handbook published in November 1999. (It should be noted that this Handbook does not employ all of the empowering provisions in Regulation 13.)
Purpose of the Information Disclosure requirements of the Kiwifruit Export Regulations 1999
1.2 This Handbook contains rules for the financial separation of Zespri Group Limited’s (ZGL’s) core and "other" businesses. The purpose of this requirement is to make transparent the compliance of ZGL with Part III of the Kiwifruit Export Regulations.
Summary of this Handbook
1.3 This Handbook comprises the following:
(1) Methodology for Preparing Separate Financial Statements: Chapter 2 sets out the "avoidable cost" allocation methodology (ACAM) for allocation of expenses, revenues, assets and liabilities between the ZGL’s core and "other" businesses. The items required to be separately disclosed in the financial statements are also set out in that Chapter. These requirements are mandatory.
(2) Table 1: Specific Allocations & Disclosures in Chapter 2 sets out the specific allocation and disclosure requirements for ZGL.
(3) Disclosure of Transfer Payments: Chapter 3 sets out the disclosure requirements for transactions between ZGL’s core and "other" businesses. This is a mandatory requirement.
(4) Financial Performance Measures: Chapter 4 sets out the disclosure requirements in relation to ZGL's total revenues and expenses, indicators of ZGL's financial performance and financial position, and a report explaining why key revenues and expenses change from year to year.
Empowering Provisions of the Kiwifruit Export Regulations 1999
1.4 Regulation 12. Financial statement disclosure(1) Within 4 months after the end of each financial year (beginning with the 2000/2001 financial year), ZGL must publicly disclose financial statements for that financial year in respect of each of the business activities defined in the Handbook.
(2) Those financial statements must:
(a) be prepared in accordance with the allocation methodology in the Handbook; and
(b) disclose the information specified in that Handbook.
1.5 Regulation 13. Kiwifruit Information Disclosure Handbook
The responsible chief executive may from time to time publish a Handbook which may provide for all or any of the following:
(a) the definition of ZGL’s business activities;
(b) the allocation methodology that must be used for preparing the financial statements and allocating the expenses, revenues, assets and liabilities amongst ZGL’s business activities;
(c) the disclosure of the manner in which the allocation methodology has been applied;
(d) the information that must be specified in the financial statements disclosed under Regulation 12;
(e) the disclosure of transfer payments (whether actual or notional) amongst the business activities;
(f) the disclosure of financial performance measures, or information from which financial performance measures may be derived, or both;
(g) the form of the disclosures (including requirements as to separate, consolidated, and reconciliation information);
(h) the audit and certification of disclosed information;
(i) the retention of data on which disclosed information is based and associated documentation.
1.6 Regulation 18. Information required to be certified by auditor
(1) An independent auditor must provide a signed auditor’s report with respect to the financial statements required by regulation 12 to be publicly disclosed.
(2) The auditor must give a qualified audit report if, in the auditor's opinion, the financial statements:
(a) fail to comply with these regulations or generally accepted accounting practice; or
(b) fail to give a true and fair view on the matters to which they relate (having regard to any information or explanations that may have been added by the directors of ZGL, as the case may be, under section 11 (2) or section 14 (2) of the Financial Reporting Act 1993)
and the qualified audit report must explain the respects in which the statements so fail.
(3) An independent auditor must certify the financial performance measures specified in the Handbook in accordance with regulation 13 (f).
Contact for Enquiries
Rural Affairs Coordinator
Sector Performance Policy
MAF Policy
Ministry of Agriculture and Forestry
PO Box 2526
Wellington
NEW ZEALAND
Phone: +64 4 894 0675
Fax: +64 4 4 894 0745
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