New Financial Reporting Standards success

The roadshows held across New Zealand to promote the New Reporting Standards for charities have been a huge success says Community and Voluntary Sector Minister Jo Goodhew.

“We had 4,200 enrolments for these events and very positive feedback from those who attended,” says Mrs Goodhew. “Most charities say they are now ready and confident to start implementing the new standards”

There were 76 workshops held in 21 locations from Kaitaia to Invercargill.

“The new reporting standards are designed to show off the great work of the 26871 registered charities in New Zealand,” says Mrs Goodhew.

“These changes will also ensure all aspects of charities’ financial reporting are more transparent, increasing public trust and confidence in the sector.”

Registered charities now need to include information about their income and expenses with their annual returns for all the different parts of the charity. Previously there were no minimum standards for financial statements.

“Charities Services will continue to work closely with charities as these changes are implemented over the next one to two years,” says Mrs Goodhew.

Planning is underway for eight meetings in Auckland, Wellington and Christchurch to assist larger charities that fall under either Tier 1 or Tier 2 to discuss how they can prepare for the introduction of the new reporting standards.

These meetings will be held: four in Auckland on 29 & 30 July, two in Christchurch, 4 August, and two in Wellington, 6 August. For more information https://www.charities.govt.nz/