There are huge amounts of research that show if you manage and lead people well, they will perform, which couldn’t be more accurate in the farming industry. The performance, commitment and engagement of every employee is of huge importance to production and therefore profit, so getting this right is key.
For accounting periods commencing on or after 1 April 2015 all registered charities must prepare financial statements which conform to new financial reporting standards. Many consider this to be the most significant change in financial reporting for the New Zealand charities sector ever.
In addition to the other mandatory reporting changes that have taken place for charities, one of the most notable changes from an accounting treatment perspective is in relation to revenue recognition, particularly grants and donations.
Welcome to the April 2018 issue of Tax Talk. In this edition we discuss: overseas buyer restrictions on the way, new tax obligations for trusts with international connections, PIE investor obligations as well as the five-year bright-line test being enacted.
The accounting profession is on the start line of the most significant event in financial reporting this decade - the implementation date for the three new financial reporting standards affectionately known as the ‘Big 3’: Revenue NZ IFRS 15, Financial Instruments NZ IFRS 9 and Leases NZ IFRS 16.