It's another of those laws that sound totally reasonable until you turn it around the other way.
Sure, you'll report it if your guns are stolen. But it also means that if you didn't report it, your guns can't have been stolen. So you're guilty of [insert whatever].
I'm having a helluva time [1] getting a licence to posess more guns. Because someone else stole one of my guns.
So yea, you guys are going to have these little, totally reasonable, infringements, which any law abiding fellow would have no problem with, it's OK, it's for your own good [2].
Koos
[1] 4 1/2 years and counting
[2] google boiling and frogs.