Parish Accounting Newsletter
Quarter 3, 2019 Update
This newsletter includes information on Approval of Payments and Delegated Authorities.
The newsletter also features articles on the Data Analytics for Finance Conference and Social Media Controls.
We also profile our Parish Accountant Udeshika Kiriwaththudawage.
Parish Accounting Newsletter
Quarter 2, 2019 Update
This newsletter includes information on our Parish Open Day on 26th June 2019.
The newsletter also features articles on the 2019 Charities Conference and Special Fund Reporting .
We also profile our Financial Services Manager, Grace Sun.
Parish Accounting Newsletter Quarter 1, 2019 Update
This newsletter includes articles on a new taxation bill introduced on 28 June 2018 as well as a public consultation for the Charities Act review.
The newsletter also features articles on annual financial statements and insurance premiums.
We also profile one of our Parish Accountants, Mandy Wan.
Accounting Ministry Roadshows
We would like to invite you to our Ministry Accounting Roadshows where we will cover the following topics:
The Budgeting process, how we can assist and evaluate your budget
The 2018 Annual Financial Statements process and time frames
Monthly Reporting: a flexible approach
GST on events organised by ministry units
Payments taxed at source
We will be visiting the following locations:
Christ Church, Whangarei;
Friday 23rd November 12.30 - 2pm
St Peter’s Takapuna;
Tuesday 27th November 12.30 - 2pm
Massey Anglican Church;
Wednesday 28th November 12.30 - 2pm
Anglican Parish of Thames;
Friday 30th November 12.30 - 2pm
St Mark’s Remuera;
Wednesday 5th December 12.30 - 2pm
All Saints, Howick;
Thursday 6th December 12.30 - 2pm
Parish Accounting Newsletter
Quarter 3, 2018 Update
This newsletter includes articles on recent fraudulent activity in respect to fake supplier invoices as well as tailoring monthly reports.
The newsletter also features an article on some recent clear guidance published by IRD in respect of honoraria, koha and payment to volunteers.
We also profile one of our Parish Accountants, Angela Chen.
The Future of Finance and Accounting?
Since the creation of double entry bookkeeping 500 years ago, which was considered one of the greatest advances in the history of business, the accounting profession has not seen much innovation. However, the world of accounting is just the latest in a number of industries affected by the rise of Artificial Intelligence (AI).
AI has created a tsunami of innovation and that innovation has increasingly impacted on the accounting industry. So here are our views on the future of AI as it pertains to the accounting industry.
Show Me The Money
You may remember Cuba Gooding Jr.’s immortal line from the movie Jerry Maguire, “Show me the money!” Well, that’s what financial statements do. They show you the money. They show you where your Trust’s money came from, where it went, and where it is now.
Financial statements tell the money story of your Trust – what it has been doing and what it has to carry it into the future.
There are three main financial statements:
Profit and Loss or Income Statement
Profile: Anne Edwards
Anne Edwards, Trust Management’s General Manager of Finance, believes her thirst for knowledge, attention to detail and passion for the stories numbers tell are the traits that allow her to excel at her job.
A newer member of the Trust Management family, Anne came to the company in 2015 with an impressive career background. With almost 30 years in the industry, she spent nearly half of her career as Associate Director at UBS New Zealand and has served a plethora of respected and well-known clientele.
Accounting for Donated Goods and Services
For all financial periods starting on or after 1st April 2015, Tier 1 and 2 Charities (mainly large and medium size charities) will need to apply the new “not for profit” accounting standards.
Trust Management Appoints Anne Edwards
We are pleased to advise that Anne Edwards has been appointed to the role of General Manager Finance following Shane Coward’s shift into the role of General Manager of the business.
Anne joins us from the New Zealand offices of Swiss bank, UBS where she was Associate Director for the past 13 years. Prior to UBS, Anne was an Audit Manager for PWC both in New Zealand and the UK.
Government Changes Tune on Charity Audits
In our view there has been a change in tone in the latest MED proposal, and quite rightly so. The initial proposal was largely upon the unfounded premise that audits will reduce instances of fraud within the charitable sector.
So does the new MED proposal hit the mark? Read more to understand our view.
New Accounting Standards Framework for Charities
There are a number of changes occurring in tandem at present.
The Ministry for Economic Development (“MED”) is considering amendments to require charities of a certain size to have mandatory audits undertaken. See our below for our submission to the MED.
The Financial Reporting Act 1993 is also being reviewed, and the Financial Reporting Bill 2012 has been introduced. This Bill if passed would require registered charities to prepare General Purpose Financial Reports (“GPFRs”).
The External Reporting Board (“XRB”) is also introducing a new set of accounting standards and framework for Public Benefit Entities (“PBE’s”).
Proposed Changes to Charities Audit Requirements Miss the Mark
Shane Coward, August 2012
In April 2012, the Ministry of Economic Development (MED) published a discussion paper proposing important changes to the way in which charities are audited.
Trust Management made a submission on the proposal as we felt there were a number of areas where the MED had missed the mark.
To find out our views on the proposal click on the link below.