A new Incorporated Societies Act came into effect in October 2023 introducing several important changes for societies.

All societies that wish to remain ‘incorporated’ must re-register under the new Act by April 2026. To reregister, a society may need to update their constitution for the requirements of the new Act.

Key changes under the Incorporated Societies Act 2022 include:

·         New requirements relating to governance, dispute resolution processes, and member consent

·         New financial reporting requirements

The Companies Office manages the Incorporated Societies Register, and you can find more detailed information on the overall law changes at the Companies Office website, including information on how you reregister.

After reregistering, some societies will also need to apply accounting standards issued by the External Reporting Board (XRB) – an independent Crown Entity responsible for developing and issuing accounting, auditing and assurance, and climate standards for for-profit, not-for-profit and public sector entities in New Zealand. For further information on these requirements, please see the XRB website and the attached document ‘Incorporated Societies – At a Glance’ that includes some useful information about these new reporting requirements.

The XRB are also hosting a webinar on 11 September to provide an overview of the new financial reporting requirements – register for this event here.