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Incorporated Societies Act 2022

Administration of societies - Accounting records, financial reporting, and annual returns - Accounting records

101: Accounting records must be kept

You could also call this:

"Societies must keep accurate financial records at all times."

Illustration for Incorporated Societies Act 2022

You must keep accounting records at all times. These records must correctly show the society's transactions. They must also allow the society to produce financial statements that meet the Act's requirements. You need to have a good system to control the society's accounting records. The committee is in charge of setting this up and keeping it running. The accounting records can be in written form in English or te reo Māori. They can also be in another form that is easy to access and can be changed into written form in English or te reo Māori. You must keep the accounting records for the current period and the last 7 completed periods. You can compare this to the 1993 legislation. This will help you understand the changes.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS100990.

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"When a society's financial year ends"

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102: Annual financial statements must be prepared and registered, or

"Societies must prepare and register their yearly financial statements on time."

Part 3Administration of societies
Accounting records, financial reporting, and annual returns: Accounting records

101Accounting records must be kept

  1. The committee must ensure that there are kept at all times accounting records that—

  2. correctly record the transactions of the society; and
    1. allow the society to produce financial statements that comply with the requirements of this Act; and
      1. would enable the financial statements to be readily and properly audited (if required under any legislation or the society’s constitution).

        1. The committee must establish and maintain a satisfactory system of control of the society’s accounting records.

        2. The accounting records must be kept—

        3. in written form in English or te reo Māori; or
          1. in a form or manner that is easily accessible and convertible into written form in English or te reo Māori.

            1. The accounting records must be kept for the current accounting period and for the last 7 completed accounting periods of the society.

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