Financial Reporting Preparedness Survey
For many charities 2016 was the first year that they had to produce full financial statements under the new public benefit entity (PBE) standards. BDO has recently surveyed 709 New Zealand charities to gauge the impact of the new standards on the sector.
BDO’s survey revealed some interesting trends, including the following:
The sector felt prepared
About a third of all respondents felt prepared for the change. The remaining two thirds had some level of planning and made an attempt at getting to grips with the changes.
It took longer, but didn’t always cost more
Of the charities surveyed it was found that just over half of the participants found it took an additional 1-5 hours to complete the new reports. Another 27% spent 5 or more hours on the final reports. Despite this, over half of all respondents stated that preparing the reports did not cost any additional money.