Discussion papers consider financial reporting rules

Two new discussion papers have been released considering the law covering financial reporting.

The first, which comes from the Ministry of Economic Development (MED), proposes that all Not For Profit entities that receive donations from the public (in contrast to fees from members), outlay $20,000 or more, or have ten or more members, should be required to prepare and publish these reports (they would be exempted if they have outlay less than $20,000).

The second, from the Accounting Standards Review Board (ASRB), outlines tentative proposals about the accounting standards that entities are required to prepare for General Purpose Financial Reports (GPFR), and the level of assurance that should be provided on those reports.

It also proposes that a set of accounting standards be developed for use by Not For Profit entities and that these are based on International Public Sector Accounting Standards.

The closing date for submissions to MED on both documents is 29 January 2010.

Copies of the discussion documents can be found at:
www.med.govt.nz/templates/StandardSummary____187.aspx  or www.asrb.co.nz .