New Zealand’s Commerce Commission (CommComm) has ordered incumbent telecom operator Telecom NZ to disclose more financial details for regulatory purposes.
CommComm has introduced new requirements for Telecom to publish regulatory financial information about its network, wholesale and retail business activities.
The records are intended to inform regulators about the operation of Telecom’s business activities.
The new reporting requirements will be in addition to Telecom’s main annual statutory reporting requirements, CommComm added.
“The Commission’s analysis of Telecom’s first regulatory financial statements raised issues about some of the methodologies used in the preparation of the statements, particularly in relation to the attribution of income and expenses and valuation of Telecom’s fixed assets,” Telecom commissioner Ross Patterson said.
“These revised requirements address these issues.”