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Cryptocurrencies: Are you tax compliant?

A recommendation from the recent Charities Act Review could mean charities with annual operating expenses over $140,000 will be required to disclose information about the reserves they hold, and why they hold them. This information will also be available to the media and general public.

Step 6 of applying the guidance in IAS 36 as set out in our article ‘Insights into IAS 36 – Overview of the Standard’ relates to recognising or reversing and impairment losses. This article focuses on part of this step; reversing impairment losses. For recognising impairment losses refer to our article ‘Insights into IAS 36 – Recognising impairment losses’.

The new Trusts Act 2019, which came into force on 30 January 2021, was one of the biggest changes for Trusts for quite some time. Now, Inland Revenue has also introduced further reporting and disclosure requirements. Here's what you need to know.

Not for Profit organisations need reserves to fund organisational change and improvements, and to provide a buffer for potential events that will adversely affect the organisation.

Our specialist payroll assurance team can conduct a review of your payroll system configuration and processes, and then help you and your team to implement any necessary recalculations.

Mandatory climate related reporting on the way for some NZ businesses. The Government is establishing a standardised approach to climate-related reporting for certain entities to disclose their progress on emission reduction in a way that’s transparent and consistent.

Government’s interest deductibility rules the most controversial tax policy to date were changes to the tax system to counter what it saw as favourable treatment for investors in residential housing.

Privy Council confirms directors’ duties are still owed for insolvent companies

For well over 100 years the Incorporated Societies Act 1908 has enabled community related organisations to become incorporated for a wide variety of purposes. However, this Act is now outdated and deficient in many respects.

The economic impacts of COVID-19 will continue to persist well into 2021. Our borders remain substantively closed and the nationwide roll out of a COVID-19 vaccine is yet to commence in New Zealand. This means that teams which perform inhouse impairment testing need to consider how the ripple effects of the pandemic will influence their financial statements over the next 12 months.

In a bid to ease New Zealand’s housing crisis, the Government has introduced new legislation that will impact current owners of residential investment property and new purchases made on or after 27 March 2021.

A major change has been made to how NFPs can claim GST credits on their assets.

In October 2018, the IASB issued ‘Definition of a Business’ making amendments to IFRS 3 ‘Business Combinations’. The amendments are a response to feedback received from the post-implementation review of IFRS 3 (‘the Standard’). They clarify the definition of a business, with the aim of helping entities to determine whether a transaction should be accounted for as an asset acquisition or a business combination.

The requirements of Public Benefit Entities International Public Sector Accounting Standards (PBE IPSAS) for Not-for-Profit reporting entities are continuing to change. Navigating the Changes to PBE IPSAS for Not-for-Profits gives chief financial officers, and audit and risk committee members a high-level awareness of these recent changes to PBE IPSAS. It covers both brand new standards, and changes that have been made to existing ones.

Whether you want to communicate your organisation’s purpose and objectives, or to attract new sources of funding, your annual financial statements are a powerful tool for telling your story, but all too often the opportunity for making an impact is lost.