The new reporting standards for NZ Registered Charities come into force for all returns for Financial years that complete on or after 31 March 2016.
DIA Charities Services have just published some guidance about the revised requirements of the Annual Return.
The three main changes are:
- There are more questions, so it will take a bit more time to complete. You will need to check and update your details and answer a few new questions. It’s much easier to file an annual return online as some of the information will already be there from last year, which can simply be checked and updated
- The financial questions in the annual return reflect the new Reporting Standards, which should make it easier to answer them
- The ‘Notice of Change’ is now called ‘Update Details’. Use this function for all updates, including adding or removing an officer. You can update your details at any time, and will be asked to confirm all your details as part of the annual return process
Note that before starting the return you will need to have some additional information, such as the names, addresses and dates of birth of your officer.
Visit the RSM website to read the article “Is your charity ready to comply with the new accounting standards?”
A simple video gives an outline of the process.