Category Archives: Tier 1 Reporting Standards

This is just for comments, questions and nswers that relate to Tier 1 Financial Reporting Standards issued by the External Reporting Board.

Performance Reports (Annual Financial Statements)

For all Methodist entities that report to the Conference of the Methodist Church of New Zealand, a copy of the Performance Report (your annual financial statements) needs to be with the Connexional Office by 5.00pm Thursday 12 October.

If you are NOT able to meet this deadline, please inform the Connexional Office.

Please remember that you are also required to lodge your approved Performance Report with Charities Services as part of the Annual Return.  This needs to be done by 31 December 2017.

End of Year Checklist

Christine has started up a checklist for people when they are preparing their end of year financial statements for the Church.  Click on the link below.

If you have anything to add to the checklist, we would welcome your feedback to either Peter or Christine in the Connexional Office.

Finalising Transactions for the Year End

Related Party Transactions-Annual Financial Accounts

There are two big issues that preparers of annual accounts need to get their heads around. One is the need for the preparation of what is known as “consolidated” accounts and the other is reporting on related party transactions.

Related party transactions are more common and need to be thought about. I have prepared a document on what a related party transaction is and who is a related party for financial reporting purposes. There are examples included.

I need feedback please. I am interesting in YOUR examples of what you consider to be a related party transaction. Send me your examples and I will provide you with a some comment on it. My idea is to pool all the examples together and then add them to the document so you can refer to it when you do your annual accounts.

Related Party Transactions – DRAFT Explanation Document – December 2015