Update on Accounting Requirements for Registered Charities. October 2014

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Update on Accounting Requirements for Registered Charities. October 2014"

Transcription

1 Update on Accounting Requirements for Registered Charities October

2 Topics New framework legal and accounting Feedback from consultation The reporting entity Overview of simple format reporting standards Getting ready Further information Support from Charities Services 2

3 New Framework Legal and Accounting 3

4 New Legal Framework New Legislation enacted Nov 2013: Financial Reporting Act 2013 Financial Reporting (Amendment to Other Enactments) Act 2013 Significant changes for registered charities 4

5 New Legal Framework Amendments to Charities Act 2005 Requires charities to follow XRB Standards Financial statements to be filed with Charities Services Allows small charities to use cash accounting Takes effect from: 1 April

6 Summary New Legal Framework The law determines WHO must report The WHO = registered charities The XRB determines WHAT to report The WHAT = XRB Standards Charities Services monitor and enforce the WHO doing the WHAT 6

7 New Legal Framework Accounting Infrastructure Reform Bill 2013 Assurance for charities financial statements Charity Size Total operating expenditure $1m Total operating expenditure $500k Assurance Required Audit Audit or Review Total operating None Expected to take effect from: 1 April 2015 expenditure <$500k 7

8 New Accounting Standards Framework Accounting Standards Framework consists of separate standards for For-profit Entities for Public Benefit Entities (Not-for-profit and public sector) 8

9 Not-For-Profit Framework Tier Entities Standards 1 Public Accountability Total expenses >$30m Full PBE Standards 2 Total expenses <$30m PBE Standards with disclosure concessions 3 Total expenses $2m Simple Format Standard (accrual) 4 Total operating payments <$125k (where law allows) Simple Format Standard (cash) 9

10 Not-For-Profit Framework Default is Tier 1 May opt to report in accordance with lower Tier when criteria met If opt into a lower Tier and circumstances change some leeway for moving up If subsequently have public accountability (as defined) Tier 1 in that year 10

11 Not-For-Profit Framework Tier 3 Criteria Does not have public accountability as defined; and Has total expenses less than or equal to $2 million. Total expenses includes grant expenses and losses Total expenses are total expenses of the group 11

12 Not-For-Profit Framework Tier 4 Criteria Permitted by legislation Total operating payments less than $125,000 in each of 2 preceding years Operating payments do not include capital payments for example, purchase of resources (physical assets or investments) or repayment of borrowings 12

13 Feedback from Consultation on Simple Format Reporting 13

14 Feedback from Consultation Submissions received 41 submissions on the Tier 3 NFP Standard 26 submissions on the Tier 4 NFP Standard Majority received from preparers and users 14

15 Feedback from Consultation What you liked Standards tailored to size and circumstances Performance report - both financial and non-financial information Allowed to Tell Our Story Less technical language used Guidance notes and optional template 15

16 Feedback from Consultation What you didn t like Cash accounting for grants, donations and fundraising revenue (Tier 3) Fixed categories of revenue/receipts and expenses/payments Definition of related parties What we changed Accrual accounting revenue unless use or return condition Minimum categories with more flexibility Includes related entities 16

17 Feedback from Consultation What you didn t like Statement of Service Performance Requirement to prepare a statement of cash flows (Tier 3) What we changed Simplified for Tier 4 outputs only Clarified what is required No change Clarified required and optional information 17

18 The Reporting Entity 18

19 The Reporting Entity Registered Charity file financial statements with Charities Services What is included in financial statements (i.e. what is the boundary of the reporting entity)? 19

20 The Reporting Entity The boundary of the reporting entity Activity A Trading Operation Registered Charity Bank Account No. 2 Activity B Include all transactions, balances and activities of the entity 20

21 The Reporting Entity Head Office Joint Venture Charity ABC Company XYZ Branch Trust 21

22 The Reporting Entity Head Office Branch Office Branch Office Branch Office 22

23 Simple Format Standards Overview 23

24 Overview Simple Format Reporting Standards Single, standalone standards Less technical language Simpler requirements Common transactions 24

25 Overview Reporting Objective: Tell Our Story Who are we? Why do we exist? What did we do? When did we do it? What did it cost? How was it funded? How did we account for our activities? What do we need to continue? 25

26 Overview Tier 3: SFR Standard: accrual (PBE SFR-A (NFP)) EG A5: template & guidance notes Spreadsheet & PDF templates (optional) Tier 4: SFR Standard: cash (PBE SFR-C (NFP)) EG A6: template & guidance notes Spreadsheet & PDF templates (optional) 26

27 Simple Format Standards Getting Ready 27

28 Getting Ready Start by considering: What is the reporting entity? Including any relationships with other entities What Tier of financial reporting? 28

29 Getting Ready Performance Report Minimum Components Tier 3 (accrual) Entity Information Statement of Service Performance Statement of Financial Performance Statement of Cash Flows Statement of Financial Position Accounting Policies Notes Tier 4 (cash) Entity Information Statement of Service Performance (outputs only) Statement of Receipts & Payments Statement of Resources and Commitments Notes 29

30 Getting Ready Entity Information Who are we? and Why do we exist? Purpose or mission Structure (including governance) Reliance on volunteers and donated goods or services 30

31 Getting Ready Statement of Service Performance Why do we exist? What did we do? Mainly non-financial Outcomes - impact on society (optional for Tier 4) Outputs - goods or services delivered during the year 31

32 Getting Ready Financial Information GST exclusive or inclusive No offsetting Tier 3 entity can opt up to Tier 2 for a type of transaction Budgets/plans Report in NZD 32

33 Getting Ready Statement of Receipts and Payments (Tier 4) Operating receipts and payments and capital receipts and payments Minimum categories of receipts and payments 33

34 Getting Ready Statement of Financial Performance (Tier 3) Prepared on an accruals basis Minimum categories of revenue and expenses Revenue with use or return condition Goods/services received in kind 34

35 Getting Ready Statement of Cash Flows (Tier 3) Movements in cash during the period Operating activities (by category) Investing and financing activities (by category) 35

36 Getting Ready Statement of Financial Position (Tier 3) What we own? What we owe? Opening position Minimum categories Reserves Significant donated assets 36

37 Getting Ready Statement of Resources and Commitments (Tier 4) List no need to balance Resources, commitments and other information Significant items 37

38 Getting Ready Statement of Accounting Policies (Tier 3) What are your policies at the moment? Are these allowed under the standard? 38

39 Getting Ready Notes (Tier 3) Related party transactions (also Tier 4) Property, plant and equipment Goods or services in kind Significant donated assets Significant grants and donations Reserves 39

40 Getting Ready Other (Tier 3 and Tier 4) Comparative information Transitional provisions 40

41 Further Information 41

42 Further Information This is your button 42

43 Further Information We have prepared a handout to help you start getting ready Get Ready 43

44 Questions 44

45 Supporting charities in New Zealand for stronger communities

46 Charities Services works to Promote public trust and confidence in the charitable sector Encourage good governance and management Encourage and promote the effective use of charitable resources Department of Internal Affairs

47 Public trust and confidence Transparency and accountability of charities is key to creating trust and confidence The Charities Register contains information about charities and is open in order to create transparency The Annual Return process provides for on-going accountability Department of Internal Affairs

48 Annual Return Charities will still need to complete an Annual Return Asks for more information Helps to understand the sector as a whole Maintains the Charities Register Currently under review to bring the financial questions in line with the new standards Thinking with sector representatives about: how to simplify the process; what information is useful to the sector and about the sector Department of Internal Affairs

49 Monitoring charities Most charities want to do the right thing Emphasis on education and information Future assurance check 50% random selection 50% risk-based approach Focusing on the new standards and across the Charities Act 2005 Department of Internal Affairs

50 DIA compliance framework Don t want to comply/wilfully negligent Don t want to comply but will if we pay attention Use full force of the law Deter non-compliance through detection Compliance (investigations and audit) Try to comply but don t always succeed Assist you to comply Education/advice Willing to comply Make compliance simple and straightforward and supply guidance and advice Application process Department of Internal Affairs

51 Preparation is key Change can be challenging Recognise the variety of charities and the largely volunteer workforce in the sector Help is at hand templates resources advisory support Start now with preparation Department of Internal Affairs

52 Voluntary deregistration Think carefully if considering voluntary deregistration Tax consequences apply if after 12 months assets are not passed on to another charity Reporting standards will apply to all Incorporated Societies in future Some funders are already looking to require all applicants to provide financial statements in line with the new standards Department of Internal Affairs

53 Support to Charities 3 to 5 year capability building plan Face to face workshops March May 2015 Online resources including print and video Local expertise through DIA Community Advisors and other local capability builders Update your charity contact details, encourage others to do the same Department of Internal Affairs

54 Key things to consider: The reporting entity: Think about the boundary of your entity Do you have relationships with other entities for financial reporting purposes? Elect which Tier to report under: Tier 3: no public accountability and total expenses less than or equal to $2m? Tier 4: no public accountability and total operating payments less than $125,000 in each of 2 preceding years? Non-financial information: Start collecting information to complete the entity information section Define your outcomes (optional for Tier 4) Outcomes: what your entity is seeking to achieve in terms of its impact on society Define your outputs, quantify to extent practicable Outputs: goods or services delivered during the year. Put in place systems to record actual outputs delivered Financial information Minimum categories to report Grants with conditions - identify and track such grants Do you know what you own? Do you know what you owe? Significant donated assets - identify and value such assets Schedule of Property, plant and equipment (Tier 3) Related parties identify and record transactions with them Do you receive significant goods or services in kind? Describe these For more information contact: phone 0508 CHARITIES ( )

55 Thanks for Coming 54

Financial reporting by not-for-profit entities in New Zealand Your questions answered. May 2015

Financial reporting by not-for-profit entities in New Zealand Your questions answered. May 2015 Financial reporting by not-for-profit entities in New Zealand Your questions answered May 2015 Introduction An overhaul of New Zealand s financial reporting legislation was completed in 2013 with the issue

More information

Accounting Alert. Quarterly update Public Benefit Entities What s new in financial reporting for June 2016? Accounting Alert June 2016

Accounting Alert. Quarterly update Public Benefit Entities What s new in financial reporting for June 2016? Accounting Alert June 2016 Accounting Alert June 2016 Accounting Alert Quarterly update Public Benefit Entities What s new in financial reporting for June 2016? This quarterly update provides a high level overview of the new and

More information

New Zealand financial reporting framework

New Zealand financial reporting framework ACCOUNTING ADVISORY SERVICES New Zealand financial reporting framework June 2014 kpmg.com/nz WE PASSIONATELY BELIEVE THAT THE FLOW-ON EFFECT FROM FOCUSING ON HELPING FUEL THE PROSPERITY OF OUR CLIENTS,

More information

Accounting Alert. Staying on top of developments

Accounting Alert. Staying on top of developments Accounting Alert Staying on top of developments Financial Reporting Act 2013 enacted providing clarity on the financial reporting obligations of New Zealand entities Following several years of consultation

More information

901a Ferry Rd PO Box Christchurch Ph (03)

901a Ferry Rd PO Box Christchurch Ph (03) 901a Ferry Rd PO Box 13 625 Christchurch Ph (03) 669 0542 info@commaccounting.co.nz Towards A Not-For-Profit Standard of Accounting and Reporting Submission - Comments on exposure draft - Public Benefit

More information

Reporting Service Performance Information

Reporting Service Performance Information AASB Exposure Draft ED 270 August 2015 Reporting Service Performance Information Comments to the AASB by 12 February 2016 PLEASE NOTE THIS DATE HAS BEEN EXTENDED TO 29 APRIL 2016 How to comment on this

More information

Higher audit threshold for charities

Higher audit threshold for charities Higher audit threshold for charities In March 2015, the government announced changes to charity law that allow more charities to become audit exempt. The changes apply to financial years ending on or after

More information

Charities and Institutions of a Public Character

Charities and Institutions of a Public Character Code of Governance for Charities and Institutions of a Public Character Issued by: THE CHARITY COUNCIL 19 January 2011 CONTENT INTRODUCTION WHY A CODE OF GOVERNANCE? 05 PREAMBLE 05 TIERED GUIDELINES 06

More information

Governance and Related Topics - 501(c)(3) Organizations

Governance and Related Topics - 501(c)(3) Organizations Governance and Related Topics - 501(c)(3) Organizations The Internal Revenue Service believes that a well-governed charity is more likely to obey the tax laws, safeguard charitable assets, and serve charitable

More information

Stakeholder category: NATIONAL NETWORK OF COMMUNITY SERVICE PROVIDERS

Stakeholder category: NATIONAL NETWORK OF COMMUNITY SERVICE PROVIDERS Name: Organisation: UNITING CARE AUSTRALIA Stakeholder category: NATIONAL NETWORK OF COMMUNITY SERVICE PROVIDERS State/Territory: ACT Contact email address: Response to Options Paper Department of Social

More information

Guidance Statement GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities

Guidance Statement GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities GS 019 (April 2011) Guidance Statement GS 019 Auditing Fundraising Revenue of Not-for-Profit Entities Issued by the Auditing and Assurance Standards Board Obtaining a Copy of this Guidance Statement This

More information

Templates: audit and review reports

Templates: audit and review reports Templates: audit and review reports Audit/Review reports required by the Australian Charities and Not-for-profits Commission for the 2014 financial reporting period (for reporting periods commencing from

More information

Australian Charities and Not-for-profits Commission: Regulatory Approach Statement

Australian Charities and Not-for-profits Commission: Regulatory Approach Statement Australian Charities and Not-for-profits Commission: Regulatory Approach Statement This statement sets out the regulatory approach of the Australian Charities and Not-for-profits Commission (ACNC). It

More information

NOT FOR PROFIT FINANCIAL REPORTING GUIDE

NOT FOR PROFIT FINANCIAL REPORTING GUIDE NOT FOR PROFIT FINANCIAL REPORTING GUIDE New Zealand Institute of Chartered Accountants This document is copyright. Apart from any fair dealing for the purpose of private study, research, criticism, or

More information

Audit and review requirements for Australian Entities

Audit and review requirements for Australian Entities Audit and review for Australian Entities This guide provides a summary of the legislative to prepare s, have an audit or review of those s performed and the qualifications of auditors and reviewers for

More information

Charity reporting and accounting: the essentials

Charity reporting and accounting: the essentials Charity reporting and accounting: the essentials January 2013 Contents 1. The accounting framework at a glance 2 2. Introduction 4 3. Preparing the trustees annual report and the accounts 7 4. Specific

More information

PINK TRIANGLE SERVICES FINANCIAL STATEMENTS

PINK TRIANGLE SERVICES FINANCIAL STATEMENTS FINANCIAL STATEMENTS DECEMBER 31, 2009 Watson Folkins Corey LLP Chartered Accountants 176 Gloucester Street, Suite 300 Ottawa, Ontario K2P 0A6 Page 1 Phone: (613) 244-6090 Fax: (613) 562-4666 www.wfc-ottawa.ca

More information

THE Companies Act 2014

THE Companies Act 2014 THE Companies Act 2014 One of its striking features is the general structure which the Act has adopted. For the first time in Irish company law, the most common company type, the private company limited

More information

Charities Accounting Standard Accounting Template Explanatory Notes

Charities Accounting Standard Accounting Template Explanatory Notes Charities Accounting Standard Accounting Template Explanatory Notes Introduction Purpose of Accounting Template The Accounting Template is designed to help smaller charities prepare and present financial

More information

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: New Zealand

IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: New Zealand IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: New Zealand Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not act on the

More information

Guidelines on the preparation of Quarterly Reports for Public Entities. and Constitutional Institutions

Guidelines on the preparation of Quarterly Reports for Public Entities. and Constitutional Institutions Guidelines on the preparation of Quarterly Reports for Public Entities and Constitutional Institutions CONTENTS 1. INTRODUCTION 3 2. BACKGROUND 4 2.1. Current requirements for quarterly reporting... 4

More information

SO Europe Eurasia Foundation. Reports and Financial Statements for the year ended 31 December 2013

SO Europe Eurasia Foundation. Reports and Financial Statements for the year ended 31 December 2013 SO Europe Eurasia Foundation Reports and Financial Statements for the year ended 31 December 2013 REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 CONTENTS PAGE DIRECTORS AND OTHER

More information

Example Accounts Only

Example Accounts Only CaseWare Sole Trader Financial Statements NOTE: These financial statements include illustrative disclosures for a Sole Trader (Special Purpose). The information is not intended to be and is not comprehensive

More information

The Australian Charities and Not-for-profits Commission

The Australian Charities and Not-for-profits Commission The Australian Charities and Not-for-profits Commission Presentation to Centre of Excellence by Jennifer Dobell, Director of Business Services of Australian Charities and Not-for-profits Commission Implementation

More information

Update on IPSAS conversion

Update on IPSAS conversion Update on IPSAS conversion Recommendation That the Board: i. Notes this report. Executive summary The External Reporting Board (XRB) has introduced a new multi-standard financial reporting framework in

More information

Private Health Insurance Ombudsman

Private Health Insurance Ombudsman Private Health Insurance Ombudsman Health and Ageing Portfolio Agency Section 1: Overview...448 Section 2: Resources for 2006-07...449 2.1: Appropriations and Other Resources...449 2.2: 2006-07 Budget

More information

February 2015. tpp 15-01. Accounting Policy: Financial Reporting Code for NSW General Government Sector Entities. Policy & Guidelines Paper

February 2015. tpp 15-01. Accounting Policy: Financial Reporting Code for NSW General Government Sector Entities. Policy & Guidelines Paper February 2015 15-01 Accounting Policy: Financial Reporting Code for NSW General Government Sector Entities Policy & Guidelines Paper Preface The Financial Reporting Code (the Code) applies to all New South

More information

Sheep River Library Policy Manual: Finance Page 1

Sheep River Library Policy Manual: Finance Page 1 SECTION 7: Bylaw: The Sheep River Library Board shall assume meticulous responsibility for the fiduciary management of funds while upholding all financial agreements and reporting requirements to federal,

More information

Regional Software Holdings Limited Annual Report Including Financial Statements

Regional Software Holdings Limited Annual Report Including Financial Statements Regional Software Holdings Limited Annual Report Including Financial Statements For the Year Ended 30 June 2015 Regional Software Holdings Limited For the Year Ended 30 June 2015 CONTENTS Page Entity Information

More information

CHARITIES SORP (FRS 102)

CHARITIES SORP (FRS 102) CHARITIES SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable

More information

Receipts and payments accounts for smaller charities. How to prepare receipts and payments accounts and the trustees annual report

Receipts and payments accounts for smaller charities. How to prepare receipts and payments accounts and the trustees annual report Receipts and payments accounts for smaller charities How to prepare receipts and payments accounts and the trustees annual report CCNI ARR03 consultation document 1 December 2015 The Charity Commission

More information

CHARITIES SORP (FRSSE)

CHARITIES SORP (FRSSE) CHARITIES SORP (FRSSE) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for

More information

PRESIDENT'S CHOICE CHILDREN'S CHARITY/LA FONDATION POUR LES ENFANTS LE CHOIX DU PRÉSIDENT

PRESIDENT'S CHOICE CHILDREN'S CHARITY/LA FONDATION POUR LES ENFANTS LE CHOIX DU PRÉSIDENT Financial Statements of PRESIDENT'S CHOICE CHILDREN'S CHARITY/LA FONDATION POUR LES ENFANTS LE KPMG LLP Telephone (416) 228-7000 Yonge Corporate Centre Fax (416) 228-7123 4100 Yonge Street Suite 200 Internet

More information

Financial Information Kit

Financial Information Kit Financial Information Kit The purpose of this kit is to provide basic information on keeping financial records to facilitate compliance by registered charities with the requirements of the Canada Revenue

More information

Why Nonprofits Need Nonprofit Accounting Software

Why Nonprofits Need Nonprofit Accounting Software Why Nonprofits Need Nonprofit Accounting Software % CONTENTS Executive Summary... 3 The Benefits of a Nonprofit Accounting System... 4 Unique Regulations and Standards for Unique Solutions... 4 Supporting

More information

Bulletin 4: Financial Reporting Council

Bulletin 4: Financial Reporting Council Guidance Audit and Assurance Financial Reporting Council April 2014 Bulletin 4: Recent Developments in Company Law, The Listing Rules and Auditing Standards that affect United Kingdom Auditor s Reports

More information

What s changed? Introduction HELPSHEET 2

What s changed? Introduction HELPSHEET 2 What s changed? Help-sheet 2: What are the major changes between SORP 2005 and the Charities SORP (FRS 102) for charities preparing their accounts in accordance with the Financial Reporting Standard (FRS

More information

Scoping Study for a National Not-for-profit Regulator

Scoping Study for a National Not-for-profit Regulator 22 February 2011 The Manager Philanthropy and Exemptions Unit Personal and Retirement Income Division The Treasury Langton Crescent PARKES ACT 2600 By email: NFPReform@treasury.gov.au Dear Sir/Madam Introduction

More information

PRESIDENT'S CHOICE CHILDREN'S CHARITY/LA FONDATION POUR LES ENFANTS LE CHOIX DU PRÉSIDENT

PRESIDENT'S CHOICE CHILDREN'S CHARITY/LA FONDATION POUR LES ENFANTS LE CHOIX DU PRÉSIDENT Financial Statements of PRESIDENT'S CHOICE CHILDREN'S CHARITY/LA FONDATION POUR LES ENFANTS LE KPMG LLP Telephone (416) 228-7000 Chartered Accountants Fax (416) 228-7123 Yonge Corporate Centre Internet

More information

2015/16 EDUCATION PAYROLL LIMITED STATEMENT OF PERFORMANCE EXPECTATIONS

2015/16 EDUCATION PAYROLL LIMITED STATEMENT OF PERFORMANCE EXPECTATIONS 2015/16 EDUCATION PAYROLL LIMITED STATEMENT OF PERFORMANCE EXPECTATIONS Published in August 2015 Education Payroll Limited 2015/16 EDUCATION PAYROLL LIMITED STATEMENT OF PERFORMANCE EXPECTATIONS CONTENTS

More information

NDIS Transition Readiness and Business Support Services

NDIS Transition Readiness and Business Support Services NDIS Transition Readiness and Business Support Services High Level Introduction Specific skills and expertise we make available to ACT providers looking to undertake major strategic/structural reform A

More information

Information Paper 16. Long-term Financial Plan (A Model Format for Financial Information)

Information Paper 16. Long-term Financial Plan (A Model Format for Financial Information) Information Paper 16 Long-term Financial (A Model Format for Financial Information) February 2008 LGA Long-term Financial (A Model Format for Financial Information) Information Paper Introduction The LGA

More information

Our flexible enrolment and payment arrangements mean you can start when you are ready, and pay as you progress through the program.

Our flexible enrolment and payment arrangements mean you can start when you are ready, and pay as you progress through the program. The Certificate IV in Bookkeeping is a nationally recognised qualification from the Financial Services Training Package which complies with the Australian Qualifications Framework standard. The Certificate

More information

ACCOUNTING STANDARD NOT-FOR-PROFIT ORGANIZATIONS

ACCOUNTING STANDARD NOT-FOR-PROFIT ORGANIZATIONS ACCOUNTING STANDARD NOT-FOR-PROFIT ORGANIZATIONS Table of contents Accounting framework Scope General concepts Specific requirements Practical illustrations Accounting framework IFRS IFRS for SMEs AFRS

More information

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015

TCS Financial Solutions Australia (Holdings) Pty Limited. ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other

More information

Australia s Charities and Not-for-profits

Australia s Charities and Not-for-profits Australia s Charities and Not-for-profits Written Submission The Options Paper, Australia s Charities and Not-for-profits sets out proposed replacement arrangements for charities in Australia. The paper

More information

MARCH 2013 Enhancing Not-for-Profit Annual and Financial Reporting

MARCH 2013 Enhancing Not-for-Profit Annual and Financial Reporting MARCH 2013 Enhancing Not-for-Profit Annual and Financial Reporting charteredaccountantsanz.com CHARTERED ACCOUNTANTS AUSTRALIA AND NEW ZEALAND Chartered Accountants Australia and New Zealand is made up

More information

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1 HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS PAGES STATEMENT OF FINANCIAL PERFORMANCE 1 STATEMENT OF MOVEMENTS IN EQUITY 2 STATEMENT OF FINANCIAL POSITION 4-4 STATEMENT OF CASH

More information

The Wood s Homes Foundation. Financial Statements December 31, 2014

The Wood s Homes Foundation. Financial Statements December 31, 2014 Financial Statements April 22, 2015 Independent Auditor s Report To the Board of Directors of Wood s Homes Foundation We have audited the accompanying financial statements of Wood s Homes Foundation, which

More information

Structure of the Standard

Structure of the Standard INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD: FINANCIAL REPORTING UNDER THE CASH BASIS OF ACCOUNTING Structure of the Standard This Standard comprises two parts: Part 1 is mandatory. It sets out the

More information

Crown Service Enterprise

Crown Service Enterprise Model Financial Statements Crown Service Enterprise /15 Model financial statements for a Crown Entity prepared under the Tier 1 and 2 Public Benefit Entity Accounting Standards January Audit New Zealand

More information

Consolidated Financial Statements

Consolidated Financial Statements AASB Standard AASB 10 August 2011 Consolidated Financial Statements Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Alternatively, printed

More information

Governing Body 326th Session, Geneva, March 2016

Governing Body 326th Session, Geneva, March 2016 INTERNATIONAL LABOUR OFFICE Governing Body 326th Session, Geneva, 10 24 March 2016 Programme, Financial and Administrative Section GB.326/PFA/INF/3 PFA FOR INFORMATION External audit plan Summary: In this

More information

Appendix C Accountant in Bankruptcy. Annual report on the 2013/14 audit

Appendix C Accountant in Bankruptcy. Annual report on the 2013/14 audit Appendix C Accountant in Bankruptcy Annual report on the 2013/14 audit Prepared for Accountant in Bankruptcy and the Auditor General for Scotland 6 August 2014 Audit Scotland is a statutory body set up

More information

2/27/2014. Introduction to Financial Management Best Practices. Learning Objectives. Donors don t give to groups they don t trust 1

2/27/2014. Introduction to Financial Management Best Practices. Learning Objectives. Donors don t give to groups they don t trust 1 Introduction to Financial Management Best Practices P R E S E N T E D B Y G L E N D A Y. H I C K S, C P A F O R P A R E N T T O P A R E N T O F G E O R G I A, I N C. R E G I O N 3 P T A C F E B R U A R

More information

Charity Rating Agencies. Dr. Rowena Sinclair, AUT University Workshop on NGO information developments Hamilton, 24 th May 2011

Charity Rating Agencies. Dr. Rowena Sinclair, AUT University Workshop on NGO information developments Hamilton, 24 th May 2011 Charity Rating Agencies Dr. Rowena Sinclair, AUT University Workshop on NGO information developments Hamilton, 24 th May 2011 Overview 1. Why is there a need for rating agencies? 2. What do rating agencies

More information

Ms Jenny Carter Director of UK Accounting Standards Codes & Standards Division Financial Reporting Council 8th floor 125 London Wall London EC2Y 5AS

Ms Jenny Carter Director of UK Accounting Standards Codes & Standards Division Financial Reporting Council 8th floor 125 London Wall London EC2Y 5AS Ms Jenny Carter Director of UK Accounting Standards Codes & Standards Division Financial Reporting Council 8th floor 125 London Wall London EC2Y 5AS PO Box 1227, Liverpool L69 3UG tel: 0300 0652002 Your

More information

Minnesota Council of Nonprofits, Inc. Consolidated Financial Statements Years Ended December 31, 2013 and 2012 (With Independent Auditor's Report

Minnesota Council of Nonprofits, Inc. Consolidated Financial Statements Years Ended December 31, 2013 and 2012 (With Independent Auditor's Report Consolidated Financial Statements Years Ended December 31, 2013 and 2012 (With Independent Auditor's Report Thereon) MINNESOTA COUNCIL OF NONPROFITS INDEPENDENT AUDITOR S REPORT... 3 FINANCIAL STATEMENTS

More information

Inland Revenue Department: Managing tax debt

Inland Revenue Department: Managing tax debt Inland Revenue Department: Managing tax debt This is an independent assurance report about a performance audit carried out under section 16 of the Public Audit Act 2001. June 2009 ISBN 978-0-478-32627-7

More information

VOTE Senior Citizens. B.5 Vol.II 1067

VOTE Senior Citizens. B.5 Vol.II 1067 VOTE Senior Citizens B.5 Vol.II 1067 Senior Citizens Overview The Departmental appropriations sought in Vote Senior Citizens in 2006/07 total $1.142 million (GST exclusive). This is intended to be spent

More information

Annual Accounts for the period

Annual Accounts for the period Annual Accounts for the period Period start date To Period end date Charity Name Charity No (if any) Section A Statement of financial activities Descriptions by natural category Note Unrestricted funds

More information

Best Practice Manual for Accounts people working for Not for Profit organisations BY PETA WALKER. bwaccountants.co.nz

Best Practice Manual for Accounts people working for Not for Profit organisations BY PETA WALKER. bwaccountants.co.nz Best Practice Manual for Accounts people working for Not for Profit organisations BY PETA WALKER Hi! I m Peta a Chartered Accountant and business coach at BW Chartered Accountants. I m a born and bred

More information

New Developments Summary

New Developments Summary August 4, 2015 NDS 2015-13 New Developments Summary FASB proposes sweeping changes for NFPs Proposed guidance would improve presentation and disclosure standards Summary The FASB recently issued a proposed

More information

CHARITY SORP 2015 INTRODUCTION FOR LARGER CHARITIES

CHARITY SORP 2015 INTRODUCTION FOR LARGER CHARITIES CHARITY SORP 2015 INTRODUCTION FOR LARGER CHARITIES AUGUST 2014 CHARITY SORP 2015 (FRS 102) 1 CHARITIES SORP 2015 (FRS 102) This briefing paper covers the main issues and changes relating to the new Statement

More information

The Wheel. useful information for setting up a voluntary organisation

The Wheel. useful information for setting up a voluntary organisation The Wheel useful information for setting up a voluntary organisation Introduction When an organisation is starting up it is important for the members to consider the following points carefully: Whether

More information

Small Business Development Corporation

Small Business Development Corporation Division 67 Part 15 Small Business Development Corporation Minister for Emergency Services; Corrective Services; Small Business; Veterans Appropriations, Expenses and Cash Assets d DELIVERY OF SERVICES

More information

Minister for Education; Aboriginal Affairs; Electoral Affairs 2014-15. 2014-15 Estimated Actual $ 000. Budget $ 000

Minister for Education; Aboriginal Affairs; Electoral Affairs 2014-15. 2014-15 Estimated Actual $ 000. Budget $ 000 Division 24 Part 5 Education Services Minister for Education; Aboriginal Affairs; Electoral Affairs Appropriations, Expenses and Cash Assets d DELIVERY OF SERVICES Item 28 Net amount appropriated to deliver

More information

Audit of Monitoring and Payments

Audit of Monitoring and Payments Audit of Monitoring and Payments WESTERN ECONOMIC DIVERSIFICATION CANADA Audit & Evaluation Branch June 2011 Table of Contents 1.0 Executive Summary 1 Findings 1 2.0 Statement of Assurance 2 3.0 Introduction

More information

PART FIVE Charter Report and Performance Measures

PART FIVE Charter Report and Performance Measures PART FIVE Charter Report and Performance Measures PART FIVE Charter Report and Performance Measures 79 NEW ZEALAND INLAND REVENUE Annual Report 2004 80 PART FIVE Charter Report and Performance Measures

More information

VERMONT LONG TERM DISASTER RECOVERY GROUP, INC. (DOING BUSINESS AS VERMONT DISASTER RELIEF FUND )

VERMONT LONG TERM DISASTER RECOVERY GROUP, INC. (DOING BUSINESS AS VERMONT DISASTER RELIEF FUND ) VERMONT LONG TERM DISASTER RECOVERY GROUP, INC. (DOING BUSINESS AS VERMONT DISASTER RELIEF FUND ) FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT TABLE OF CONTENTS Independent Auditor s Report...

More information

Internal Controls and Financial Accountability for Not-for-Profit Boards NEW YORK STATE OFFICE. of the ATTORNEY GENERAL.

Internal Controls and Financial Accountability for Not-for-Profit Boards NEW YORK STATE OFFICE. of the ATTORNEY GENERAL. Internal Controls and Financial Accountability for Not-for-Profit Boards NEW YORK STATE OFFICE of the ATTORNEY GENERAL Charities Bureau 120 Broadway New York, NY 10271 (212) 416-8400 www.charitiesnys.com

More information

Independent Assurance Policy

Independent Assurance Policy Independent Assurance Policy General Objectives To establish guidelines and standards for the independent assurance (commonly known as an audit or review) of annual financial statements in accordance with

More information

CHARITIES SORP (FRS 102)

CHARITIES SORP (FRS 102) CHARITIES SORP (FRS 102) Amendments to Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting

More information

Council of Australian Governments

Council of Australian Governments Council of Australian Governments REGULATORY IMPACT ASSESSMENT OF POTENTIAL DUPLICATION OF GOVERNANCE AND REPORTING STANDARDS FOR CHARITIES January 2013 1 P a g e MAKING A SUBMISSION This consultation

More information

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014 FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 5 STATEMENTS OF CASH FLOWS

More information

National Network of Fiscal Sponsors. Guidelines for Comprehensive Fiscal Sponsorship

National Network of Fiscal Sponsors. Guidelines for Comprehensive Fiscal Sponsorship Introduction National Network of Fiscal Sponsors Guidelines for Comprehensive Fiscal Sponsorship Fiscal sponsorship has evolved as an effective and efficient mechanism for starting new nonprofits, seeding

More information

THE STRATEGIC REPORT FREQUENTLY ASKED QUESTIONS NEXT

THE STRATEGIC REPORT FREQUENTLY ASKED QUESTIONS NEXT THE STRATEGIC REPORT FREQUENTLY ASKED QUESTIONS NEXT Revised requirements that affect the front end of companies annual reports became effective for accounting periods ending on or after 30 September 2013.

More information

FASB/GASB Recognition and Reporting Differences: A Nonprofit Sector Perspective

FASB/GASB Recognition and Reporting Differences: A Nonprofit Sector Perspective FASB/GASB Recognition and Reporting Differences: A Nonprofit Sector Perspective Treba Marsh Stephen F. Austin State University Mary Fischer University of Texas at Tyler The financial statement users, investors,

More information

TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION

TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION Many Taxpayers Are Still Not Complying With Noncash Charitable Contribution Reporting Requirements December 20, 2012 Reference Number: 2013-40-009 This

More information

Financial Statement Discussion and Analysis

Financial Statement Discussion and Analysis IPSASB Exposure Draft (ED) 47 March 2012 Comments due: July 31, 2012 Proposed International Public Sector Accounting Standard Financial Statement Discussion and Analysis The International Public Sector

More information

Standard of Direct Mail Fundraising Practice

Standard of Direct Mail Fundraising Practice Standard of Direct Mail Fundraising Practice The Standard of Direct Mail Fundraising Practice provides guidelines for best practice and ethical conduct of fundraising practice. This standard must be read

More information

Foundation for Canadian Parks and Wilderness

Foundation for Canadian Parks and Wilderness Foundation for Canadian Parks and Wilderness Financial Statements For the years ended March 31, 2008 and 2007 Financial Statements For the years ended March 31, 2008 and 2007 Contents Auditors' Report

More information

TGA key performance indicators and reporting measures

TGA key performance indicators and reporting measures TGA key indicators and reporting measures Regulator Performance Framework Version 1.0, May 2015 About the Therapeutic Goods Administration (TGA) The Therapeutic Goods Administration (TGA) is part of the

More information

Charities Bill 2013 and the Charities (Consequential Amendments and Transitional Provisions) Bill 2013

Charities Bill 2013 and the Charities (Consequential Amendments and Transitional Provisions) Bill 2013 3 May 2013 Manager Philanthropy and Exemptions Unit Indirect, Philanthropy and Resource Tax Division The Treasury Langton Crescent PARKES ACT 2600 By email: charities@treasury.gov.au Dear Treasury Charities

More information

MINISTRY OF SOCIAL SERVICES VALLEY VIEW CENTRE RESIDENTS' TRUST ACCOUNT FINANCIAL STATEMENTS

MINISTRY OF SOCIAL SERVICES VALLEY VIEW CENTRE RESIDENTS' TRUST ACCOUNT FINANCIAL STATEMENTS MINISTRY OF SOCIAL SERVICES FINANCIAL STATEMENTS For the year ended March 31, 2015 PROVINCIAL AUDITOR of Saskatchewan INDEPENDENT AUDITOR'S REPORT To: The Members of the Legislative Assembly of Saskatchewan

More information

Enhanced Commonwealth Performance Framework. Discussion Paper

Enhanced Commonwealth Performance Framework. Discussion Paper Enhanced Commonwealth Performance Framework Discussion Paper AUGUST 2014 Commonwealth of Australia 2014 With the exception of the Commonwealth Coat of Arms and where otherwise noted, all material presented

More information

Please feel free to contact me if you have any questions or would like further information at cathy@theonn.ca or (416) 642-5786.

Please feel free to contact me if you have any questions or would like further information at cathy@theonn.ca or (416) 642-5786. August 14, 2014 Director General Marketplace Framework Policy Branch Industry Canada 235 Queen Street, 10th Floor Ottawa, Ontario K1A 0H5 Re: Follow up to ONN Submission- The utility of SREs in the Canadian

More information

FINANCIAL REPORTING FRAMEWORK FOR NOT-FOR-PROFIT ENTITIES Deacon Titus Alao Soetan, FCA 1 ST Deputy Vice President The Institute of Chartered

FINANCIAL REPORTING FRAMEWORK FOR NOT-FOR-PROFIT ENTITIES Deacon Titus Alao Soetan, FCA 1 ST Deputy Vice President The Institute of Chartered FINANCIAL REPORTING FRAMEWORK FOR NOT-FOR-PROFIT ENTITIES Deacon Titus Alao Soetan, FCA 1 ST Deputy Vice President The Institute of Chartered Accountants of Nigeria OUTLINE LEARNING OBJECTIVES INTRODUCTION

More information

Information Paper 10. Debt Management

Information Paper 10. Debt Management Information Paper 10 Debt Management February 2007 Introduction Local Government financial statements, like those of other spheres of government and the corporate sector, include a good many items of considerable

More information

Non-cash Donations & Sales. Accounting and IRS Reporting

Non-cash Donations & Sales. Accounting and IRS Reporting Non-cash Donations & Sales Accounting and IRS Reporting Contact Information Julie L. Sokolowski, CPA Shareholder Wall, Einhorn & Chernitzer, PC CPAs & Advisors 555 East Main Street, Suite 1600 Norfolk,

More information

FINANCIAL REPORTING BILL PART B: CLAUSE BY CLAUSE ANALYSIS. Table of contents

FINANCIAL REPORTING BILL PART B: CLAUSE BY CLAUSE ANALYSIS. Table of contents Subject FINANCIAL REPORTING BILL PART B: CLAUSE BY CLAUSE ANALYSIS Table of contents 1st digit of item number Page number Colour General comments 0 2 Purple Part 1 Preliminary provisions 1 5 Blue Part

More information

CPA Australia Professional Indemnity Policy For members providing pro-bono or voluntary accounting services in the community

CPA Australia Professional Indemnity Policy For members providing pro-bono or voluntary accounting services in the community CPA Australia Professional Indemnity Policy For members providing pro-bono or voluntary accounting services in the community Frequently Asked Questions These frequently asked questions support the global

More information

New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1)

New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1) New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1) Issued November 2007 and incorporates amendments up to and including 31 October 2010 other

More information

Social Enterprise. Table of Contents. Choosing a Legal Form for Your Social Enterprise. 1. Foreword 3. 2. Legal Review 3

Social Enterprise. Table of Contents. Choosing a Legal Form for Your Social Enterprise. 1. Foreword 3. 2. Legal Review 3 Table of Contents 1. Foreword 3 2. Legal Review 3 3. Legal Structures: Marrying Business and Social Interests 4 3.1. How Do You Decide on the Legal Form? 5 3.1.1 Deciding on the Most Appropriate Legal

More information

FISCAL PLAN RESPONSE TO THE AUDITOR GENERAL

FISCAL PLAN RESPONSE TO THE AUDITOR GENERAL Government FISCAL PLAN RESPONSE TO THE AUDITOR GENERAL OCTOBER 2015 127 TABLE OF CONTENTS RESPONSE TO THE AUDITOR GENERAL October 2015.... 129 128 RESPONSE TO THE AUDITOR GENERAL FISCAL PLAN 2016 19 RESPONSE

More information

Grant Programme Guidelines Community Development Grants Programme

Grant Programme Guidelines Community Development Grants Programme Grant Programme Guidelines Community Development Grants Programme Community Development Grants Programme Guidelines Contents Process Flowchart... 3 1. Introduction... 4 1.1. Programme Background... 4 1.2.

More information

TEMPLATE FOR ANNUAL REPORT AND FINANCIAL STATEMENTS FOR LARGE-SIZED ORGANISATIONS. Guidelines for Annual Reports

TEMPLATE FOR ANNUAL REPORT AND FINANCIAL STATEMENTS FOR LARGE-SIZED ORGANISATIONS. Guidelines for Annual Reports TEMPLATE FOR ANNUAL REPORT AND FINANCIAL STATEMENTS FOR LARGE-SIZED ORGANISATIONS Guidelines for Annual Reports and Financial Statements for Non-Governmental Organisations Updated June 2013 2 Dóchas T.

More information

Supplementary Financial Services Guide

Supplementary Financial Services Guide Supplementary Financial Services Guide Dated 27 July 2015 This Supplementary Financial Services Guide (SFSG) supplements Version. February 2015 of the Crowe Horwath Financial Advice Pty Ltd Financial Services

More information

College Accounts Direction 2015 to 2016

College Accounts Direction 2015 to 2016 College Accounts Direction 2015 to 2016 This college accounts direction sets out the financial reporting framework for sixth-form colleges and other further education colleges. January 2016 Of interest

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 12 Incoming resources from non-exchange transactions

Accounting and Reporting Policy FRS 102. Staff Education Note 12 Incoming resources from non-exchange transactions Accounting and Reporting Policy FRS 102 Staff Education Note 12 Incoming resources from non-exchange transactions Disclaimer This Education Note has been prepared by FRC staff for the convenience of users

More information