Tier 1 & 2 New reporting standards meetings
New reporting requirements for registered charities became mandatory on 1 April 2015. Charities Services in conjunction with the External Reporting Board (XRB) (external link) held networking meetings in Auckland, Wellington and Christchurch in late July and early August to support larger registered charities with the new requirements.
Attendees were grouped for discussion according to the reporting standards they currently use to prepare thier charity’s financial statements. There were three choices:
A. NZ IFRS PBE ( New Zealand equivalents to international Financial Reporting Standards adapted for Public Benefit entities); or NZ IFRS PBE Diff Rep (New Zealand equivalents to international Financial Reporting Standards adapted for Public Benefit entities applying Differential Reporting Concessions).
B. Old GAAP (Old GAAP standards, being New Zealand Financial Reporting Standards that were developed before the adoption of Standards based on International Financial Reporting Standards in 2007); or Old GAAP Diff Rep (Old GAAP Standards applying Differential Reporting Concessions), or some other basis of accounting.
C. I represent charities using both A and B above/I don’t know/other
Attendees were invited to submit questions and issues for discussion.