• Register
Return to: Home > News > Professional Bodies > New Zealand High Court finds NZICA in breach of fair trading rules

New Zealand High Court finds NZICA in breach of fair trading rules

The High Court of New Zealand has ruled that some of the New Zealand Institute of Chartered Accountants's (NZICA) advertisements breached the Fair Trading Act 1986 but no damages could be proven and it stopped short of declaring any defamation had occurred because no pecuniary losses were made out.

The facts date back to the period between 2011 and 2013, and NZICA has since then merged with the Institute of Chartered Accountants Australia (ICAA) to form the Trans-Tasmanian body Chartered Accountants Australia and New Zealand.

The court case was brought by CPA Australia that alleged NZICA had on a number of occasions between 2011 and 2013 "overstepped the appropriate boundaries of rivalry between the designations".

In his judgement, Justice Dobson of the High Court of New Zealand found that NZICA had breached the Fair Trading Act 1986, and that CPA Australia had made out some elements of actionable defamation. However as a corporate plaintiff, it was required to prove pecuniary loss which it had failed to do.

"We commenced these proceedings as a last resort, and only after all attempts to resolve the matter outside these proceedings had been exhausted," CPA Australia CEO Alex Maley commented. "First and foremost we were acting as a matter of principle to defend the integrity of the CPA designation, and of the profession more generally."

He concluded: "We believe Justice Dobson's findings that NZICA defamed CPA Australia and breached provisions of the Fair Trading Act are a vindication of the action we have taken on behalf of our members."

Related story:
"It's not cricket" - legal battle starts between CPA Australia and NZICA


Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.