Charities play a significant role in society. Over 27,000 charities work in New Zealand for the welfare of the community. Prior to 2015, there was no mandatory requirements for financial reporting; however, some charities used “the for-profits standards”. But there was evidence of poor accounting standards. Since 2015, there was a significant change in reporting requirements issued by XRB. The main purpose of new reporting standards was to improve transparency, accountability and public trust. The new accounting standards brought more transparency and disclosure of non-financial information. There were a few negative impacts of this new regime as charities had insufficient knowledge about new standards, which resulted in deficient quality of reports. This research seeks to investigate the impacts of new reporting requirements on local charities in the Waikato Region. The method carried out for the research was semi-structured interviews. Under this method the accountants of three different charities in the Waikato Region were interviewed. The findings of the study were arrived at based on the analysis conducted. Some of major findings of the study criticised the new changes as they increased the workload of charities and created other related issues. There were some issues related to revenue recognition, and the outcomes were long term. It was a mixed review by the charities on the effectiveness of the “Charity Services”. The study concluded that the aim of new regime was for increased accountability, which may not have eventuated, as according to the research the charities instead face issues of workload, outcomes and revenue recognition.