Charities Financial Reporting

Question 1

From ______________, Tier 1 and Tier 2 charities will need to include non-financial information alongside the financial statements they file with Charities Services. Together, the financial and non-financial information is referred to as a Financial Report. This is because the External Reporting Board (XRB) has issued a new financial reporting standard: Service Performance Reporting (PBE FRS 48) .
https://www.charities.govt.nz/new-reporting-standards/tier-1-and-tier-2/

Answer 1

1 January 2021

Question 2

From 1 January 2021, Tier 1 and Tier 2 charities will need to include __________________alongside the financial statements they file with Charities Services. Together, the financial and non-financial information is referred to as a Financial Report. This is because the External Reporting Board (XRB) has issued a new financial reporting standard: Service Performance Reporting (PBE FRS 48) .
https://www.charities.govt.nz/new-reporting-standards/tier-1-and-tier-2/

Answer 2

non-financial information

Question 3

From 1 January 2021, Tier 1 and Tier 2 charities will need to include non-financial information alongside the financial statements they file with Charities Services. Together, the financial and non-financial information is referred to as a Financial Report. This is because the _______________ has issued a new financial reporting standard: Service Performance Reporting (PBE FRS 48) .
https://www.charities.govt.nz/new-reporting-standards/tier-1-and-tier-2/

Answer 3

External Reporting Board (XRB)

Question 4

From 1 January 2021, Tier 1 and Tier 2 charities will need to include non-financial information alongside the financial statements they file with Charities Services. Together, the financial and non-financial information is referred to as a Financial Report. This is because the External Reporting Board (XRB) has issued a new financial reporting standard: _______________ (PBE FRS 48) .
https://www.charities.govt.nz/new-reporting-standards/tier-1-and-tier-2/

Answer 4

Service Performance Reporting

Question 5

From 1 January 2021, Tier 1 and Tier 2 charities will need to include non-financial information alongside the financial statements they file with Charities Services. Together, the financial and non-financial information is referred to as a Financial Report. This is because the External Reporting Board (XRB) has issued a new financial reporting standard: Service Performance Reporting (_______________) .
https://www.charities.govt.nz/new-reporting-standards/tier-1-and-tier-2/

Answer 5

PBE FRS 48

Question 6

All Tier 1 and Tier 2 charities will be required to report service performance information. Unlike some other Tier 1 and 2 standards, there are ________________ allowed in the standard for Tier 2 entities. Preparers need to apply the principles in the standard when deciding how much information to report. This may be less or more depending on the size of the charity.
https://www.charities.govt.nz/new-reporting-standards/tier-1-and-tier-2/service-performance-reporting/

Answer 6

no reduced disclosures

Question 7

The standard has been introduced because, as with Tier 3 and Tier 4 charities, non-financial information is important for _______________ and decision making as well as telling the story of the charity. In some cases, the non-financial information may be considered to be more important than the financial results.
https://www.charities.govt.nz/new-reporting-standards/tier-1-and-tier-2/service-performance-reporting/

Answer 7

accountability

Question 8

The standard has been introduced because, as with Tier 3 and Tier 4 charities, non-financial information is important for accountability and ________________ as well as telling the story of the charity. In some cases, the non-financial information may be considered to be more important than the financial results.
https://www.charities.govt.nz/new-reporting-standards/tier-1-and-tier-2/service-performance-reporting/

Answer 8

decision making

Question 9

The standard has been introduced because, as with Tier 3 and Tier 4 charities, non-financial information is important for accountability and decision making as well as _________________. In some cases, the non-financial information may be considered to be more important than the financial results.
https://www.charities.govt.nz/new-reporting-standards/tier-1-and-tier-2/service-performance-reporting/

Answer 9

telling the story of the charity