Before you reregister your society

Before you register your society its important to understand how the changes will impact your society from a financial reporting perspective. You'll need to consider:

• Which accounting standards your society will be required to use, and how much time, effort, and know-how will be needed to adopt these
• Whether the completion of your financial statements will require you to consolidate or account for information from other entities
• Whether your society now needs to be audited
• What information your members expect to be reported in the financial statements and how this can be integrated
• Whether service performance reporting is applicable and what it will entail

Once you have reregistered, your society will be subject to the new reporting requirements from that date. This means that your society will need to follow these requirements when it prepares its next set of financial statements.  For example, if your society reregistered in October 2023 and the financial year of your society ends 31 December, you would be required to adopt XRB accounting standards for the financial year ended 31 December 2023.