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 – June 2022
Connecting you to New Zealand’s legislative environment and related financial reporting requirements
The New Zealand Accounting Landscape
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Quarterly update – Public Benefit Entities - What’s new in financial reporting?
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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.