There’s a new Act in town. And some people aren’t happy, claiming that this could be an ‘extinction event’ for many small clubs. The 1908 Act was predictably relaxed, out of step with modern regulation and reporting, so an update was needed.
So what does the new Incorporated Societies Act entail for these entities, and for those who prepare and audit the financial statements? Is the fear justified?
There is also a host of support articles and webinars online. Select the Read More option below for more details.
Even if you are just a member of a society it is worth asking if they are taking steps to comply with the new rules other wise there is a risk that the society can be wound up.
