What are the new reporting requirements for Incorporated Societies (re)registered under the new Act?

With the new Incorporated Societies Act 2022 now in force, most societies that re-register must prepare annual financial statements that meet the External Reporting Board (XRB) standards.

This change brings Incorporated Societies into alignment with the reporting framework already used by registered charities.

If you want to see the official Companies Office overview, you’ll find it here:
https://is-register.companiesoffice.govt.nz/help-centre/meeting-your-annual-filing-requirements/filing-annual-financial-statements-and-annual-returns-for-2022-act-societies/financial-reporting-standards-for-large-societies/

What does this mean for my society?

Previously, many societies prepared fairly informal year-end summaries — often a spreadsheet, a brief treasurer’s report, or whatever Xero could print. Under the new Act, this is no longer enough.

Once your society re-registers, you must produce formal financial statements every year, following the XRB reporting tiers. These are the same tiers used by registered charities.

Your tier is based on annual expenses, not income — a helpful detail for many groups.

Many small societies will fall under Tier 4

Tier 4 is designed for the smallest organisations. You can report under Tier 4 if your society:

• Spends less than $140,000 per year, and
• Uses cash-based accounting (records money when it moves, not when it’s invoiced)

At Good Numbers, Tier 4 is our specialty — and the same guidance that works for small charities also works for Incorporated Societies.

👉 We recommend reading our Introductory Guide to Tier 4 Reporting
What is Tier4 Reporting, and How Do I Do It?
This applies equally to re-registered Incorporated Societies.

What if we’re not Tier 4?

If your society spends more than $140,000, you’ll fall into Tier 3 or above.
The XRB standards become progressively more detailed, but the principle stays the same:

You must produce year-end financial statements that follow the structure, headings, and minimum requirements set out by the XRB.

Can we use Good Numbers?

Yes! Incorporated Societies can use the Good Numbers App, designed especially for volunteer treasurers and Tier 4 reporting organisations.

If you want to stay in the loop:

👉 Subscribe to our Good Numbers newsletter
👉 Or ask Duncan a question anytime below if you’re unsure what tier you fall under or what you need to prepare next.