Navigating the New Normal for Not-for-Profits
18 August 2020
All of society has been impacted by COVID-19, including not-for-profit organisations.
To help you to navigate this ‘new normal’ we have put together the following resources that organisations within the not-for-profit sector will find useful.
Deferral of PBE FRS 48 to assist entities struggling with the effects of COVID-19
The External Reporting Board has approved the deferral of PBE FRS 48 by one year (from 1 January 2021 to 1 January 2022). The amending standard should be available on the XRB website (under recent approvals) this Friday 21 August.
Although deferring the effective date was prompted by a desire to assist entities struggling with the effects of COVID-19, the XRB also received feedback that the process of focusing on service performance reporting can have a positive impact on an entity’s strategic thinking and communications with stakeholders, both of which will be critical through the recovery period. The XRB stressed that the standard remains available for early adoption.
Impact of COVID-19 on the Charitable Sector
Charities operate in a broad spectrum of areas, including health, education, social services, religious activities, culture and the arts, and more. While charities operate differently and have unique revenue streams, charities are fundamentally businesses. As with most businesses, the charitable sector has been significantly impacted by the COVID-19 pandemic and its effects on the economy. We explore those impacts below and discuss the future of the charitable sector post-pandemic. Read more about the impact COVID-19 has had on the chartiable sector.
Philanthropy New Zealand has recently undertaken a Survey on Covid-19 implications on philanthropic funding which they have been kind enough to share and makes for very interesting reading.
Potential Effects of the Coronavirus Outbreak on Financial Reporting
We explore the potential effect COVID-19 has had on varies financial reporting and accounting standards. Read more.
BDO ‘Back to Community’ NFP Webinars