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.
Watch the full presentation here
Introduction of speakers - Lisa Gibson, Senior Advisor, Sport NZ
“Setting the scene” - Who has to prepare financial statements & what they have to comply with (new framework).
Tiers for Registered Charities – how do you determine which tier you are? Do you need to comply with GAAP?
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?
Our experiences – take people on the journey with you (Board, Funders, Audit & Risk Committee)
Revenue (Tier 1 & 2) – Exchange and non-exchange – what’s the difference? (including government revenue)
Stipulations – Conditions & Restrictions & impact on balance sheet
Statement of Service Performance – outcomes & outputs, compulsory and optional elements
Question: “This isn’t applicable for Tier two – why is that?”
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?”
Question: on financial instruments – “how do you deal with derivative contracts?“
Question: “what about hedge accounting?”
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?
Income – Tier 3 (Simple Format)
Question and comment from audience regarding sponsors who want to see that the GST has tracked through the GST return on gear
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?”
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?”