The Incorporated Societies Act 1908 has become outdated and is currently under review. An exposure draft bill was circulated in October 2015 with submissions received by June 2016.
These submissions are currently being collated and an updated bill is to be tabled before parliament later this year (2018).
The new bill has implications on governance as well as reporting. It also prohibits a member from auditing the society as there is a lack of independence.
Currently there are no compulsory financial reporting format requirements for the annual financial statements of Incorporated Societies. This means that Incorporated Societies are not required to follow Generally Accepted Accounting Practice (GAAP) or a non-GAAP standard, unless they are registered charities, in which case the reporting requirements for charities applies. The bill proposes that GAAP must be applied for all not-for-profit entities and that either GAAP or a non-GAAP statement apply for for-profit entities.
Here's a link to the bill exposure draft that was previously issued:
A link to the submissions received: