Quick quiz: Proposed new financial reporting standards

Charities at the Department of Internal Affairs has released this short quiz, to enable not-for-profit organisations to test their familiarity with the proposed new financial reporting standards.

  1. Are registered charities currently required to meet any particular standard of financial reporting?
     
  2. When are proposed changes to the current situation likely to come into effect?
     
  3. How many different levels of report have been proposed?
     
  4. Where can you find more information about the new standards, and the timeframe for introducing them?
     

Answers can be found in the DIA’s online information sheet Proposed new financial reporting standards for not-for-profits: how will they affect registered charities?