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 Read more…
“The Incorporated Societies Act 2022 that was passed in April this year brings about many changes to how societies operate. One of the areas of change is how societies prepare their financial statements. From October 2023, once a society re-registers, it will have to start using External Reporting Board (XRB) Read more…
The new Incorporated Societies Act 2022
Updated 6 April 2022 The Incorporated Societies Act 2022 received Royal Assent on 5 April 2022 and came into force on 6 April. See this post SEE ALSO THE FOLLOWING POSTS ON THIS SITE: What is the difference between a Charitable Trust and an Incorporated Society? Annual Returns for Read more…
Incorporated Societies The Registrar of Incorporated Societies does not require that the financial statements of Incorporated Societies or Charitable Trusts are audited or reviewed. However, the organisation’s rules may require an auditor or reviewer to be appointed. Many societies and trusts find the cost of auditing (or even of reviewing Read more…
Dave Henderson and Sue Barker have been heavily involved in following proposed changes to the legislation on Charities and Incorporated Societies, keeping the sector updated, and being involved in discussions with government ministers and officials. At the end of February we received an update from them. With permission, and without Read more…
As previously commented, the Review of the Incorporated Societies Act – commenced in 2012 – is moving glacially through the parliamentary/government process. At the start of May, the Minister of Commerce and Consumer Affairs presented a paper to Cabinet which comments on the various submissions and proposals in respect of Read more…