Section FE 20 — Income Tax Act 2007: Financial value and regulatory value

FE 20 Financial value and regulatory value Financial value (1) In sections FE 19 , and FE 21 to FE 23 , the financial value of an item for a New Zealand banking group at a time is the amount recorded for the item in the group’s financial statements that— (a) relate to the time; and (b) are prepared for external reporting purposes; and (c) are consistent with generally accepted accounting practice for the consolidation of a group of companies for the purposes of eliminating intra-group balances. Regulatory value (2) In section FE 19 , the regulatory value of an item for a New Zealand banking group at a time is the total risk-weighted value for the item for the purposes of the Capital Adequacy Framework issued by the Reserve Bank of New Zealand acting in the prudential supervision of registered banks under the Reserve Bank of New Zealand Act 1989 . Defined in this Act: amount , financial value , generally accepted accounting practice , group of companies , issue , New Zealand , New Zealand banking group , registered bank , regulatory value , Compare: 2004 No 35 s FG 8F