The implications of new financial reporting standards on New Zealand charities

This research aims to analyse the impact of new reporting standards on NZ charities. The research specifically focuses on the implications of new reporting standards of charities in areas like transparency, convenience for practitioners and accounting costs under new reporting standards. The research covers transparency aspects by trying to find the difference in truthful and accurate representation of charities in their annual financial reports after the introduction of new standards, compared to when charities were self-regulated under Generally Accepted Accounting Principles. The research also covers the aspect of practitioners’ convenience, by investigating whether new reporting standards made accounting practices for charities easier and clearer, or more complicated. Lastly, research was conducted to ascertain the increase or decrease in accounting cost for charities to comply with new financial reporting standards. The study used qualitative methodology for research. The data was collected through semi-structured interviews to gain in-depth knowledge of the impact of new reporting standards on charities. There were four participants in total, accountants working for different charities. The duration of each interview was approximately 20 minutes, and were conducted at the charity organisation’s premises. The method of analysis used for the research was content analysis. The findings of the research suggest that the new reporting standards and statutory audit requirements have generally increased transparency within the charity sector in New Zealand. On the other hand, accounting costs have gone up for charities, especially Tier 2 and tier 3 charities. Charities that previously complied with IFRS have to face minimal effect on accounting cost. The convenience for practitioners has decreased since smaller charities are finding it difficult to comply with new reporting requirements and preparation of service performance reports which are now part of annual reporting. New financial reporting standards have provided a much-needed reporting structure, especially to Tier 3 and Tier 4 charities. Charities that complied with IFRS for their annual reporting found it easy to make the transition to the new reporting standards. In conclusion, the new reporting standards are a step in a right direction. However charities services need to hold regular workshops in every region for charities in order to provide more awareness about new reporting requirements to help charities through this transition phase. Small charities usually operate on a very limited budged, so templates and training for service performance reporting should be provided these are now a part of annual reports for Tier 3 and Tier 4 charities

An Introduction to International Financial Reporting Standards

In this article an exposure is given on the basics of International Financial Reporting Standards (IFRS).International Financial Reporting Standards, IASB, IASC, IAS

The Need for the Adoption of International Financial Reporting Standards: Some Explanations For the Pace of Implementation

Whilst the impact of globalisation and harmonisation is currently being witnessed around the globe, and the need to embrace the adoption of International Financial Reporting Standards (IFRSs) is becoming increasingly evident, certain jurisdictions have been much quicker in their embrace, adoption and adaptation of International Financial Reporting Standards, than others. As well as highlighting the need for the adoption of International Financial Reporting Standards, this paper also aims to provide an explanation for the pace of response in the adoption and adaptation of IFRSs in selected jurisdictions. It does so partly through a consideration of the impact of accounting and finance theories which have impacted the standard setting systems of certain jurisdictions

Draft Financial Instruments: Expected Credit Losse

Exposure Draf

Snapshot: Financial Instruments Expected Credit Losses

This Snapshot introduces the revised Exposure Draft Financial Instruments: Expected Credit Losses.: It provides an overview of the main proposals that were developed by the IASB

Consolidated health economic evaluation reporting standards (CHEERS) statement

<p>Economic evaluations of health interventions pose a particular challenge for reporting. There is also a need to consolidate and update existing guidelines and promote their use in a user friendly manner. The Consolidated Health Economic Evaluation Reporting Standards (CHEERS) statement is an attempt to consolidate and update previous health economic evaluation guidelines efforts into one current, useful reporting guidance. The primary audiences for the CHEERS statement are researchers reporting economic evaluations and the editors and peer reviewers assessing them for publication.</p> <p>The need for new reporting guidance was identified by a survey of medical editors. A list of possible items based on a systematic review was created. A two round, modified Delphi panel consisting of representatives from academia, clinical practice, industry, government, and the editorial community was conducted. Out of 44 candidate items, 24 items and accompanying recommendations were developed. The recommendations are contained in a user friendly, 24 item checklist. A copy of the statement, accompanying checklist, and this report can be found on the ISPOR Health Economic Evaluations Publication Guidelines Task Force website (www.ispor.org/TaskForces/EconomicPubGuidelines.asp).</p> <p>We hope CHEERS will lead to better reporting, and ultimately, better health decisions. To facilitate dissemination and uptake, the CHEERS statement is being co-published across 10 health economics and medical journals. We encourage other journals and groups, to endorse CHEERS. The author team plans to review the checklist for an update in five years.</p&gt

International Financial Reporting Standards

Мета даної дисципліни полягає у наданні студентам відповідно до програми та робочого плану основних питань організації та методології формування фінансової звітності суб’єктів господарювання за міжнародними стандартами та можливість їх використання в практичній фаховій діяльності, а також формування у студентів цілісної системи теоретичних знань з курсу; систематизація наявних теоретичних матеріалів, узагальнення нормативно-розпорядчих документів з організації та методики складання фінансових звітів за принципами МСФЗ.The purpose of this discipline is to provide students in accordance with the program and work plan basic issues of organization and methodology of financial reporting of economic entities according to international standards and the possibility of their use in practical professional activity, as well as to develop a comprehensive system of theoretical knowledge of the course; systematization of the available theoretical materials, generalization of regulatory documents on the organization and methods of preparation of financial statements in accordance with IFRS.Цель данной дисциплины заключается в предоставлении студентам в соответствии с программой и рабочего плана основных вопросов организации и методологии формирования финансовой отчетности субъектов хозяйствования по международным стандартам и возможность их использования в практической профессиональной деятельности, а также формирование у студентов целостной системы теоретических знаний по курсу; систематизация имеющихся теоретических материалов, обобщение нормативно-распорядительных документов по организации и методики составления финансовых отчетов по принципам МСФО

Accounting Policies of HEP d.d. Zagreb According to International Standards

The desire to meet the EU requirements in terms of accounting has resulted in a larger number of regulations pertaining to financial reporting of business entities in the Republic of Croatia. Although there are numerous regulations, they have to be respected in order to avoid adverse audit qualification. By adopting a new institutional framework for energy sector regulation in the Republic of Croatia, a good environment has been created for application of International Financial Reporting Standards, which are used for regulation of financial reporting within the HEP Group, as well as for the adjustment of accounting principles of HEP d.d. according to International Financial Reporting Standards, which is the subject of this paper.HEP d.d.; Accounting policies, International Financial Reporting Standards, International Accounting Standards

A U.S. Manager\u27s Guide to Differences Between IFRS and U.S. GAAP

International Financial Reporting Standards (IFRS) are now required for consolidated financial reports for all European Union exchange-listed companies. Officials estimated that for 2005, the initial year of EU adoption, 8,000 financial statements were prepared in accordance with IFRS for the first time. Other countries have also adopted IFRS or IFRS-equivalent financial reporting standards. IFRS differ from U.S. Generally Accepted Accounting Principles (GAAP) in many key areas. The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are working on various convergence projects designed to reduce or eliminate differences between the two sets of reporting standards. But existing differences will likely continue for at least the next two years, and, for many accounting topics, differences are likely to last much longer. This article highlights the 20 convergence projects and summarizes the differences between the two sets of standards. In addition, differences in three topics that are not included in the convergence efforts are identified. Differences between IFRS and U.S. GAAP found in actual EU company Form 20-F filings are used to illustrate the impact of the reporting-standard differences