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Public Sector PBE Standards - Comparison to NZ IFRS (PBE)

Page updated 10 Mar 2015


The tables of differences between NZ IFRS (PBE) and the new Public Sector PBE Standards listed below are work-papers prepared by Treasury to help us identify differences between the current standards applying until 30 June 2014 (NZ IFRS [PBE]) and the new set of standards applying from 1 July 2014 (Public Sector PBE Standards).

The emphasis of these initial schedules is differences in recognition and measurement. While a number of disclosure differences have been picked up and recorded during the process, a comprehensive review of disclosure changes will be completed during phase four of the transition project.

These tables include most of the differences arising from the introduction of the new standards, but they are not exhaustive and are intended only to provide an indication of the impact on accounting policies and treatment.

The good news is that we have identified very few significant differences, and therefore we do expect major changes to the recognition and measurement of items in the Financial Statements of the Government (FSG).

We encourage you to use the tables to identify recognition and measurement differences that will affect your individual financial statements. We also encourage you to investigate further any items you identify as having a potential impact.


Where there is a difference between the NZ IFRS PBE standards and the new Public Sector PBE Standards we have noted the following:

  • the current requirement under NZ IFRS (PBE);
  • the new requirement under Public Sector PBE Standards; and
  • our comments on the difference.

For some differences we have noted the expected impact (or often the lack of expected impact) the change will have on the Financial Statements of the Government and the individual PBE reporting entities within the Crown group.

Not all standards have been included in this review. This is either because they are not relevant to the Crown reporting group (e.g. Accounting in Hyperinflationary Economies), or there has been no substantive change from the NZ IFRS (PBE) standard (e.g. Business Combinations). Two standards have not been reviewed in detail (PBE IPSAS 20 – Related parties and PBE IPSAS 30 Financial Instruments) as they cover disclosure requirements and will therefore be reviewed during phase four of the project.


If you would like to discuss the contents of these schedules, please call Angela Ryan on (04) 917 6102 or e-mail or Emma Taylor on (04) 890 7291 or e-mail

Schedule of Public Sector PBE Standards - Differences to NZIFRS PBE Standards

Each accounting standard within the suite of PBE Standards is prefixed with "PBE" followed by the source nomenclature and number, e.g. PBE IPSAS 1, PBE IFRS 5, PBE IAS 12 and PBE FRS 42.
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