The requirement for an entity to prepare financial statements is governed by different legislation, including the Companies Act 1993, the Financial Reporting Act 2013, the Charities Act 2005 and the Incorporated Societies Act 2022 (among others).

The application of this legislation will guide an entity as to its requirement to prepare either general purpose or special purpose financial statements and we’ll cover how to navigate these requirements including in what situations either general purpose or special purpose financial statements should be prepared.

The session will unpack the newly enacted Incorporated Societies Act 2022 impacts on financial reporting for incorporated societies.
The session will also address the difference between a for-profit and not-for-profit entity along with key recognition and disclosure differences between the different accounting frameworks.

Upon satisfactory completion of this activity, you will be able to:

• Identify and understand the legislation that guides the requirement to prepare financial statements for different entities
• Understand when an entity will be required to prepare general purpose or special purpose financial statements
• Broadly understand the key recognition and disclosure differences between the various accounting frameworks.

Suited to:

This course will be suited to accountants and other advisers who are responsible for ensuring that an entity’s financial statements meet its statutory requirements.

PRESENTER

Paul Walker, Associate Partner — Audit & Assurance, Crowe Australasia

Paul specialises in providing audit and assurance services and technical accounting advice across a number of industries. He is part of the Findex and Crowe’s wider Australasian accounting advisory team and delivers training and practical solutions for its teams and clients. Paul has been with Findex and Crowe since 2009 and has built up his knowledge working with clients from a range of industries and locations throughout New Zealand.