Financial Reporting Standards for Charities

12 November 2015

From 1 April 2015 financial reporting standards for charitable organisations came into force. This workshop video provides guidance on the new reporting standards.

  • Do you know how the changes will impact your organisation?
  • What changes do you need to make now?

This workshop video provides guidance on the new reporting standards specifically in relation to sport and recreation organisations, what you need to know and how to make change.

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Watch the full presentation here

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  • Introduction

    Introduction of speakers – Lisa Gibson, Senior Advisor, Sport NZ - click here

  • Part one

    “Setting the scene” - Who has to prepare financial statements & what they have to comply with (new framework) - click here

    Tiers for Registered Charities – how do you determine which tier you are? Do you need to comply with GAAP? - click here

    Expense thresholds for tiers and transitions - click here

    Audits (types of audits) & registered charity size criteria - click here

    Questions & discussions on audits/agreed upon procedures and NZCT “Will an agreed upon procedure be sufficient for a funder in regards to a small charity? - click here

    “Any requirements around the quality of the auditor?" - click here

    Special Purpose framework – what is it? - click here

    Conversion framework - click here

    Impact assessment - click here

    Our experiences – take people on the journey with you (Board, Funders, Audit & Risk Committee) - click here

  • Part two

    Changes to organisations in the WHO world - click here

    Revenue (Tier 1 & 2) – Exchange and non-exchange – what’s the difference? (including government revenue) - click here

    Stipulations – Conditions & Restrictions & impact on balance sheet - click here

    Consolidation & Control - click here

    Financial Instruments - click here

    Asset Impairment - click here

    Disclosures - click here

    Tier Three transition - click here

    Statement of Service Performance – outcomes & outputs, compulsory and optional elements - click here

    Question: “This isn’t applicable for Tier two – why is that?” - click here

    Question: “In regards to the statement of service performance will we have to go through our non-financial systems and get those audited as well?” - click here

    Cash flows - click here

    Statement of Service Performance – observations - click here

    Question: on financial instruments – “how do you deal with derivative contracts?“ - click here

    Question: “what about hedge accounting?” - click here

    Revisit transition – how does the actual adjustment practically work – what do I do once I’ve calculated all of my adjustments? What does it look like? - click here

    Income – Tier 3 (Simple Format) - click here

    Question: “If given product or gear how do you account for that?” - click here

    Question and comment from audience regarding sponsors who want to see that the GST has tracked through the GST return on gear - click here

    “What is the likelihood of change in the incorporation society legislation?” - click here

    Question: “How do you apply this restriction / condition, where in the standard does it say “may” is a restriction in regards to return of funds?” - click here

    Question: “So if I get some funding on the last day in my financial year but will spend in the next financial year do I have to record it as income if no return condition and do I just put it in the notes?” - click here

    Question: “Could you educate the funder of this issue and get the timings of the funding deposits adjusted”? - click here

    Comments on moving away from the matching concept and impact this has on the organisations P&L - click here

    Question: “How does this compare to the International Accounting Standards?” - click here

    Question: “If we put the stipulation around the funding contract can we put it on our balance sheet (and deal with it the old way)?” - click here

    Question: “They have put the stipulation on income but they haven’t done it with expenses so we can still accrue the costs?” - click here

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