Annual reports are a primary medium in which listed companies communicate with the public. In New Zealand, legislation, along with other reinforcing features, regulates the information disclosures found in companies’ annual report. However, the existence of a regulatory framework does not guarantee its compliance. This paper reports a descriptive study of the compliance behaviour of New Zealand registered companies listed on the New Zealand Stock Exchange (NZX) with regard to required disclosures in their annual reports over a 3-year period, 1996–1998. Compliance with reporting requirement is measured by using a researcher-created disclosure index consisting of 495 mandated information items. The sample consists of 49 companies spanning the 1996–1998 period. The overall results show a high degree of corporate compliance with the financial reporting requirements. However, the compliance rate is higher with respect to the Statements of Standard Accounting Practices (SSAPs) than to both the Financial Reporting Standards (FRSs), and listing rules of the stock market. This is a cause for concern, as the SSAPs will eventually be replaced by FRSs.