It does not replace the Credit Unions Act 1979. It has re-highlighted the audit and reporting differences between these entities and registered charities.
We know that implementing certain aspects of the Charities Act 2006 (consolidated into the provisions of the Charities Act 2011) allowing for a closer alignment between these groups has been delayed and so the reporting and audit obligations under the new, consolidating Co-operative and Community Benefit Societies Act 2014 remain largely unchanged.
