Financial reporting resources for public benefit entities

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Financial reporting resources for public benefit entities

New Zealand has a multi-standards accounting framework which applies when financial statements are required to be prepared under legislation. Standards for for-profit entities are based on International Financial Reporting Standards (IFRSs) and standards for public benefit entities (PBEs) are based on International Public Sector Accounting Standards (IPSASs). The PBE standards are divided into two sectors – public benefit entities in the public sector and not-for-profit public benefit entities. Within each sector are four tiers of standards which could apply based on an entity’s size and whether it has public accountability.

The following documents have been prepared to assist you in understanding the legislative framework and accounting standards applicable to public benefit entities:

The New Zealand financial reporting landscape - May 2016

A summary of the legislative and accounting standards requirements for New Zealand entities

 

The New Zealand financial reporting landscape

Accounting Alert

Quarterly update – Public Benefit Entities - What’s new in financial reporting?

 

Accounting Alert

Staying on top of financial reporting developments

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Financial reporting by not-for-profit entities in New Zealand – your questions answered (June 2015)

This document answers some frequently asked questions on the financial reporting legislative changes and the accounting standards framework for not-for-profit entities.

An overhaul of New Zealand’s financial reporting legislation was completed in 2013 with the issue of the Financial Reporting Act 2013 and amendments to a number of other pieces of legislation. This represents a significant change to the financial reporting landscape for many not-for-profit entities, and in particular registered charities which will have financial reporting obligations for the first time from periods beginning on or after 1 April 2015. Along with legislative changes as to ‘who’ has to provide financial statements, the External Reporting Board also changed ‘what’ the financial reporting requirements are, creating new challenges for preparers of financial statements. This publication seeks to bring some clarity to the changes.

Financial reporting by not-for-profit entities in New Zealand

PBE Standards disclosure checklist (Tier 1 and 2 entities)

For reporting periods ending 30 June 2015 (June 2015)

Keeping up to date with the various presentation and disclosure requirements of the Public Benefit Entity Accounting Standards (PBE Standards) is, and will continue to be, a challenge. With that in mind, this checklist has been designed by Deloitte to assist clients, partners and staff with the preparation of annual financial statements.

This checklist can be used by Tier 1 and Tier 2 PBEs to identify the required PBE Standards and PBE Standards RDR disclosures for a 30 June 2015 balance date.

PBE Standards disclosure checklist

PBE Standards in your pocket

New Zealand Public Benefit Entity
Tier 1 and 2 Accounting Standards (PBE Standards) 


PBE Standards in your pocket
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