Charities and Incorporated Societies (only after re-registration)
The External Reporting Board (XRB) has increased the size thresholds of reporting tiers for Public Benefit Entities. This means reduced reporting requirements for the registered charities that move a lower tier.
Registered charities with financial years ending on 31 March 2024 can apply the new thresholds immediately. Click here for more information on XRB’s website.
These changes also affect Incorporated Societies under the new Incorporated Societies rules introduced in 2023. There is information on XRB’s website to help societies with the changes.
The new thresholds are set out in the table below:
| Tier | Old criteria | New criteria |
| Tier 1* | Total expenses greater than $30 million | Total expenses greater than $33 million |
| Tier 2 | Total expenses less than $30 million | Total expenses less than $33 million |
| Tier 3 | Total expenses less than $2 million | Total expenses less than $5 million |
| Tier 4 | Total operating payments $140,000 | No change |
*Note; an entity is also required to apply Tier 1 if it has “public accountability”.
The changes come into effect for reporting periods ending on or after 28 March 2024.
Source: Charities Services and External Reporting Board Incorporated Societies » XRB
Disclaimer
Unfortunately, with details changing all the time and at such speed, we need to add that the above content is correct at the time of writing as far as the author is aware and is very much subject to change. We have, to the best of our ability, acknowledged any shared content. All related links provided to the corresponding websites are subject to change as they are live links.