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Many not-for-profit organisations fall under the Tier 3 standard which is a specific set of accounting standards designed for smaller entities, usually organisations with relatively simple financial structures and limited resources.  These standards are issued by the External Reporting Board (XRB) which is a Government Agency. The Tier-3 standard applies to Public Benefit Entities (PBEs) that do not have public accountability and have expenses less than or equal to $2…  Read more

What are “Agreed Upon Procedures” and can they be useful for your business, community organisation or body corporate? What are Agreed Upon Procedures? Agreed Upon Procedures (AUPs) are a type of an engagement where a practitioner is hired to test and report on a specific question of fact. Unlike an audit or a review, the practitioner reports only factual findings and does not offer opinions, conclusions or assurances. You are…  Read more

Every not-for-profit organisation will have had different experiences over the last couple of months during the ongoing global pandemic. But most will have experienced a reduced ability to raise funds through traditional methods and have had to make difficult decisions to suspend events or fundraising activities. Your organisation may also have been hit as gaming trust funding dried up with pubs, clubs and bars shut. The not-for-profit sector provides an…  Read more

It’s now been almost ten years since the maximum limit on tax credit for donations was removed, and in this time donor concessions in New Zealand have increased from 100 million per year to over 280 million per year! Inland Revenue has recently made some important changes to the Taxation Act for non profit organisations to ensure the tax rules address this increase, coming into effect this year.  We recommend…  Read more