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Financial reporting in charities of NZ


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This paper reports key findings from the three charities organisations based in Waikato region. Historically there was a poor accounting. No legal requirements to produce financial statement before 2013. Financial Reporting Act (FRA) 2013 requires all registered charities to produce Generally Accepted Accounting Practices (GAAP). From 1 April 2015 new reporting standard requirements became operative. Now the government is pulling out of social work and getting charities to do more work because the government is saying if we are funding you money we seek accountability. And government do this because local charities are in the community and know how to do it in a better way. Standards are operationalised by External Reporting Board (XRB) through four new tier structure that has different requirements for different entities. There are several well-known problems experienced by these charities. Difficulty in completing the tasks on time. A review of relevant literature reveals that this is a problem. The research discovers that these three charities are supportive of new requirements. Analysis of the survey results showed that 52% charities didn’t spend any money in adopting new standards. We have two years of operationalising new financial standards. There are many people who have made comments on what will happen. So, It’s now interesting to find out and do research on these three charities organisations. This research then aims out what has happened to these charities. The research will reveal are these three charities are satisfied with new reporting standards.

Item Type: Paper presented at a conference, workshop or other event, and published in the proceedings
Uncontrolled Keywords: sales, marketing, non-profit organisations
Subjects: H Social Sciences > HF Commerce
Divisions: Schools > Centre for Business, Information Technology and Enterprise > School of Business and Adminstration
Depositing User: Adrian France
Date Deposited: 20 Jul 2018 00:00
Last Modified: 21 Jul 2023 07:02

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