| The External Reporting Board (XRB) is the Independent Crown Entity responsible for setting external reporting standards. In the latest news and information bulletin (September 2022) XRB advises: “The new Incorporated Societies Act 2022 has changed how incorporated societies need to report. The Act requires all but the smallest societies to prepare their annual financial statements in accordance with accounting standards issued by the XRB. Incorporated societies play a vital role in the everyday lives of many New Zealanders and so use of XRB accounting standards will ensure that members have relevant and understandable information about their societies. The standards will also help societies tell their story to the wider public in a consistent and transparent way. We know that for some societies this will be a big change and so we have a resource page to help societies understand the changes and what they will mean for them.” |
– Source: XRB Bulletin Pitopito Korero September 2022