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© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. Financial reporting challenges and changing futures Not-For-Profit Sector Finance Conference Te Papa, Wellington 3 September 2012
© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. Session outline What can we learn from the past? Who is going to be subject to the greatest amount of change? The consequences of non-compliance with the Financial Reporting Bill Briefing members of the governing body about the pending changes The increasing importance of non-financial metrics to monitor performance
© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. What can we learn from the past? Don’t leave considerations of the changes until the last minute Bring the governing body of organisation along with you, and where there are accounting alternatives, make an early decision Every organisation is unique, but don’t reinvent the wheel Interact with others in the sector and your professional advisers
© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. What can we learn from the past? IPSAS will not fundamentally change your financial position Identify areas when you need to learn more IPSAS may not tell the whole story so NFPs may need to follow for-profit organisations and presented "normalised" operating results Financial instruments should already be reflected in your financial statements Fair values can take time to secure
© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. What can we learn from the past? The continuing importance of judgement, but making sure that the readers of the financial statements are aware of where the accounting judgements and estimates are within the financial statements
© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. What can we learn from the past? Previous GAAP financial statements First IPSAS-based financial statements Date of Transition End of first IPSAS reporting period Start
© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. Who is going to feel the change the most? Organisations that are still using "old NZ GAAP" because IPSAS is largely based on IFRS, so if you are using NZ IFRS there should be a great deal of change Organisations that are complex and have accounting manuals/guidance already on issue Organisations that are involved with both For-Profit and Not-for Profit activities
© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. The consequences of non-compliance? Penalties for the organisation itself? Penalties for members of the governing body? Potential areas of non-compliance include: –Failing to complete audit on time –Misunderstanding the option period requirements –Using boiler plate accounting policies that are not adapted for the organisation
© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. Briefing those charged with governance Put the changes in context and remind everyone of the public policy objectives of public accountability, economic significance and separation Explain that the Reduced Disclosure Regime means more concise financial statements, but not less accounting work as some recognition and measurement requirements Working alongside your auditor (if one appointed) Dealing with transition
© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. Questions and comments
© 2012 Grant Thornton New Zealand Audit Partnership. All rights reserved. Audit assurance challenges and changing futures Not-For-Profit Sector Finance.
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