Financial reporting template for small incorporated societies
Financial reporting template for small incorporated societies
All incorporated societies must file annual financial statements that record their financial activities. There are different requirements for small incorporated societies compared with larger incorporated societies.
The 2022 Act sets out minimum standards for small incorporated societies[1], while the External Reporting Board (XRB) sets out reporting requirements for larger incorporated societies.To assist small incorporated societies, the Registrar of Incorporated Societies has created a template that meets the minimum requirements for small incorporated societies. Small incorporated societies do not need to use this template; however, it is an easy way to make sure all required disclosures are covered.
You can read more about the financial reporting requirements for small incorporated societies on the Companies Office website here.
For more on the above, please contact your local BDO representative.
[1] A small society is one that has:
(i) in each of the 2 preceding accounting periods of the society, the total operating payments of the society are less than $50,000; and
(ii) as at the balance date of each of the 2 preceding accounting periods, the total current assets of the society are less than $50,000; and
(iii) at the balance date of the accounting period, the society is not an entity described in section LD 3(2) of the Income Tax Act 2007 (a donee organisation).
(i) in each of the 2 preceding accounting periods of the society, the total operating payments of the society are less than $50,000; and
(ii) as at the balance date of each of the 2 preceding accounting periods, the total current assets of the society are less than $50,000; and
(iii) at the balance date of the accounting period, the society is not an entity described in section LD 3(2) of the Income Tax Act 2007 (a donee organisation).