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Incorporated Societies Act 2022

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

102: Annual financial statements must be prepared and registered

You could also call this:

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

Illustration for Incorporated Societies Act 2022

You need to prepare financial statements for your society within 6 months of the balance date. These statements must be completed and signed by two committee members. You must give copies of these statements to the Registrar for registration. You have to prepare the financial statements in a certain way, depending on what type of society you have. For some societies, you must follow generally accepted accounting practice. For others, you can follow this practice or a non-GAAP standard, or follow the requirements set out in section 104. You must give the Registrar copies of your financial statements within 6 months of the balance date.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS100997.

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

102Annual financial statements must be prepared and registered

  1. Every society must ensure that, within 6 months after the balance date of the society, financial statements are—

  2. completed in relation to the society and that balance date; and
    1. dated and signed by or on behalf of the society by 2 members of the committee.

      1. The financial statements must be prepared in accordance with,—

      2. in the case of a specified not-for-profit entity, generally accepted accounting practice; or
        1. in the case of a small society, any of the following:
          1. generally accepted accounting practice; or
            1. a non-GAAP standard that applies for the purposes of this section; or
              1. the requirements set out in section 104; or
              2. in any other case, either of the following:
                1. generally accepted accounting practice:
                  1. a non-GAAP standard that applies for the purposes of this section.

                  2. Every society must ensure that, within 6 months after the balance date of the society, copies of the financial statements of the society for the period ending on that date are given to the Registrar for registration.

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