The Financial Reporting Bill has been read for a first time and referred to the Commerce Select Committee. As noted in our August update, the Bill intends to, among other things, reduce the reporting obligations for small to medium size companies and better align the requirements of the Financial Reporting Act with other statutes. Public submissions on the Bill are being sought by 18 January 2013. Please contact your Buddle Findlay adviser if you would like assistance with preparing a submission.