This study is designed to analyse the impact of new reporting requirements on local charities in the Waikato Region. A charity can be defined as an entity that is established to provide a public benefit. In New Zealand, there are 27,000 registered charity organisations. Prior to 2013, it was not a mandatory requirement for charities to prepare financial statements. There was evidence of a lack of accountability. The Financial Reporting Act, 2013 was introduced to improve transparency in financial reporting of charities. All charities are now required to follow the accounting standards implemented by XRB (External reporting board). XRB divides the charities into four tiers which are based on volume and size of expenses. Due to new reporting requirements, it is difficult for the charities to understand the new requirements. Semi-structured interview was the method chosen for data gathering purposes in this research. Sample size for this interview was three accountants. From findings, one out of three accountants thinks that the new reporting requirements are restrictive in nature, as past reporting requirements were flexible. According to the second accountant, the reporting requirements are positive because they increase the accountability and comparability of charity organisations. All accountants of the charities commented that the new reporting requirements are complex and increased costs. In conclusion it can be said that the amendments of the new reporting requirements are challenging for some charities but these changes are designed to for improve the accountability and transparency of financial reporting of charities in New Zealand.