Thomas Eyles Chartered Accountant CA & Qualified Auditor

The XRB has released information on the long awaited changes and threshold requirements for Incorporated Societies.

Incorporated Societies that are registered charities will have no change as they will already be reporting under the charities requirements.

The thresholds and requirements follow those required for charities with the exception that if you are not a charity and have operating payments of less than $50,000 then you do not need to apply these standards. See XRB for info.

• Total Expenses over $5m -> Tier 1 &2
• Total Expenses over $140,000 and less than $5m -> Tier 3
• Total Expenses less than $140,000 -> Tier 4

You can find the reporting standards on XRB: https://www.xrb.govt.nz/standards/accounting-standards/

There is also an audit threshold as well. If the society has operating expenses of $3 million or more in each of the last two financial years (including expenses incurred by any other organisations that it controls), it will be required to be audited. As this is a statutory requirement, it needs to be audited by an independent qualified auditor, such as ourselves.

We can perform these audits and we are very familiar with the XRB reporting requirements.

For more info, or for an audit, please feel free to get in touch with us.