Quote Originally Posted by GeebeeNZ View Post
Roger, At one time the two companies had different balance dates to Motorsport NZ and used that as an excuse not to have to present current company accounts to the Motorsport AGM. This is frowned upon by the NZ Institute of Chartered Accountants and should have been highlighted by the Auditors. Is that still happenening.
Yes, you are right Graeme - MSNZ has a balance date of 31 December while TMC has a balance date of 31 March. Of more concern is the refusal of MSNZ to consolidate the activities of TMC as MSNZ is a 60% shareholder in TMC. This is despite the MSNZ auditor tagging the MSNZ accounts and stating :

" Motorsport New Zealand has not consolidated its interest in Rally New Zealand and The Motorsport Company Limited. This is a departure from the Financial Reporting Standard No. 37 "Consolidating Investments in Subsidiaries", as these entities are controlled entities under the scope of the standard and therefore should be consolidated. The financial effect of this departure has not been quantified "