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Ministry of Economic Development, Wellington
Open letter to charitable organisations from the Ministry of Economic Development relating to the Review of the Financial Reporting Act 1993:
Ministry of Economic Development Regulatory and Competition Policy Branch Wellington
17 November 2004
Review of the Financial Reporting Act 1993 — Part II
Summary of Reporting Requirements for Charitable Entities and an Invitation to Comment
The Ministry of Economic Development is undertaking a Review of the Financial Reporting Act 1993. The Financial Reporting Act places an obligation on certain entities to prepare and file financial reports. It further establishes a body, the Accounting Standards Review Board, which is charged with setting standards for financial reporting. The Review of the Financial Reporting Act is aimed at making sure our financial reporting requirements are appropriate for current New Zealand circumstances.
The Ministry has this year issued two discussion documents on the Review of the Financial Reporting Act: the first was released in March and the second was issued this week. In addition to considering issues that were not previously discussed, the second discussion document also sets out a revised set of proposals on the question of "who is required to report" following feedback on the original proposal set out in the first part of the Review. This includes a chapter on the appropriate financial reporting requirements for charitable entities registered with the proposed Charities Commission.
Attached to this letter is a summary of the proposals for charitable entities, taking into account the proposed establishment of a Charities Commission. If you would like a copy of the discussion document, or to make a submission on the proposals, please contact Matthew Farrington at the details provided below. The discussion document is also available from the Charities Commission Preparatory Unit's website at www.charities.govt.nz or the Ministry's website www.med.govt.nz.
Please direct all submissions and any queries to:
Matthew Farrington Telephone: (04) 470 2313 Facsimile: (04) 499 1791 E-mail: financialreporting@med.govt.nz Postal: Review of the Financial Reporting Act 1993 Ministry of Economic Development PO Box 1473 Wellington Attention: Matthew Farrington Regulatory and Competition Policy Branch
The closing date for submissions is Friday, 25 February 2005.
I hope you will take this opportunity to provide input into the proposals. The Ministry looks forward to receiving your comments and suggestions.
Yours sincerely Geoff Connor Manager, Business Law Regulatory and Competition Policy Branch
Summary of the proposed reporting requirements (46Kb, Word file, checked for viruses at time of upload)