RFCCBS 8.5 Change of financial year end date
1When a new society is registered, it can choose its own financial year-end date. Societies can also change their financial year-end date. There are a few requirements:
- (1)
The period the first financial year covers cannot be shorter than six months or longer than eighteen months.
- (2)
No financial year can be longer than eighteen months.
- (3)
The society cannot give us notification that it is extending its financial year if it has already extended its financial year any time within the last five years.
1Societies must notify us of a change to their financial year-end. We will check the notice to make sure it complies with the requirements above, and give the society confirmation that it can change its financial year-end.
1Societies can change their current or subsequent financial year end dates. However, they cannot change a previous year-end date retrospectively. For example, if a society’s financial year ends on 31 March and it wants to extend it to 30 April, we must receive the notification of the year end extension before 31 March.