Among the guidelines is a requirement for “clear, consise, and effective disclosure – a phrase consistent with requirements under Australian law but not written in New Zealand law.

In many cases the horse has already bolted but the Securities Commission is warning directors of a need for greater transparency in reporting accounts.

The commission’s latest cycle review of financial reporting standards looked at 20 companies with March 2010 balance dates. It wrote to 16 of the assessed companies to raise 30 issues.

While the review showed some improvement relating to investment property revaluations, it noted other areas still required better disclosure.

The stock exchange appears to be backing off its demands for listed finance companies to present monthly financial disclosures.

Late last night the NZX stated it would continue to "encourage" finance companies to present statistics on a regular basis.  It said it had been working with them to understand what statistics would be most helpful to investors.

This is a retreat from its previous suggestion that all listed financiers should provide monthly updates on their reinvestment rates; debt servicing levels; loan concentration and expected income.