Registered charities (i.e. organisations listed on the Charities Services website) will be required to prepare 2016 financial statements in accordance with reporting frameworks issued by the External Reporting Board (XRB). These reporting frameworks will generally require (depending on Tier level) additional disclosure, including cashflow and service performance statements.
There is now also a requirement for registered charities with expenditure over $1,000,000 to be audited annually and for registered charities with expenditure between $500,000 and $1,000,000 to be subject to an audit review.
Organisations below these thresholds may continue to engage an annual audit/audit review for assurance, to comply with organisation rules or for funding purposes.
Please contact Mitchell Mcfarlane to discuss your financial reporting and assurance requirements relating to your not-for-profit.