General
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.
Content
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.
Feedback
If you would like to discuss the contents of these schedules, please call Angela Ryan on (04) 917 6102 or e-mail [email protected] or Emma Taylor on (04) 890 7291 or e-mail [email protected].
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.
| Standard | Date | Title | View/Download |
|---|---|---|---|
| PBE IPSAS 1 | 4 Dec 2013 | Presentation of Financial Statements | |
| PBE IPSAS 2 | 4 Dec 2013 | Cash Flow Statements | |
| PBE IPSAS 3 | Accounting Policies, Changes in Accounting Estimates and Errors Not reviewed as no significant differences |
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| PBE IPSAS 4 | 4 Dec 2013 | The Effects of Changes in Foreign Exchange Rates | |
| PBE IPSAS 5 | 4 Dec 2013 | Borrowing Costs | |
| PBE IPSAS 6 | 4 Dec 2013 | Consolidated and Separate Financial Statements | |
| PBE IPSAS 7 | 4 Dec 2013 | Investments in Associates | |
| PBE IPSAS 8 | 4 Dec 2013 | Interests in Joint Ventures | |
| PBE IPSAS 9 | 4 Dec 2013 | Revenue from Exchange Transactions | |
| PBE IPSAS 10 | Financial Reporting in Hyperinflationary Economies Not reviewed as not applicable |
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| PBE IPSAS 11 | 4 Dec 2013 | Construction Contracts | |
| PBE IPSAS 12 | 4 Dec 2013 | Inventories | |
| PBE IPSAS 13 | 4 Dec 2013 | Leases | |
| PBE IPSAS 14 | Events After the Reporting Date Not reviewed as no significant differences |
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| PBE IPSAS 16 | 4 Dec 2013 | Investment Property | |
| PBE IPSAS 17 | 4 Dec 2013 | Property, Plant and Equipment | |
| PBE IPSAS 19 | 4 Dec 2013 | Provisions, Contingent Liabilities and Contingent Assets | |
| PBE IPSAS 20 | 4 Dec 2013 | Related Party Disclosures Summary, not fully reviewed |
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| PBE IPSAS 21 | 4 Dec 2013 | Impairment of Non-Cash-Generating Assets | |
| PBE IPSAS 22 | Disclosure of Information About the General Government Sector Not reviewed as not applicable |
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| PBE IPSAS 23 | 4 Dec 2013 | Revenue from Non-Exchange Transactions | |
| PBE IPSAS 25 | 4 Dec 2013 | Employee Benefits | |
| PBE IPSAS 26 | 4 Dec 2013 | Impairment of Cash-Generating Assets | |
| PBE IPSAS 27 | 4 Dec 2013 | Agriculture | |
| PBE IPSAS 28 | 4 Dec 2013 | Financial Instruments: Presentation | |
| PBE IPSAS 29 | 4 Dec 2013 | Financial Instruments: Recognition and Measurement | |
| PBE IPSAS 30 | 4 Dec 2013 | Financial Instruments: Disclosures Summary, not fully reviewed |
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| PBE IPSAS 31 | 4 Dec 2013 | Intangible Assets | |
| PBE IPSAS 32 | 4 Dec 2013 | Service Concession Arrangements: Grantor | |
| PBE IFRS 3 | Business Combinations Not reviewed as no significant differences |
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| PBE IFRS 4 | 4 Dec 2013 | Insurance Contracts | |
| PBE IFRS 5 | Non-current Assets Held for Sale and Discontinued Operations Not reviewed as no significant differences |
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| PBE IAS 12 | Income Taxes Not reviewed as no significant differences |
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| PBE IAS 34 | Interim Financial Reporting Not reviewed as no significant differences |
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| PBE FRS 42 | Prospective Financial Statements Not reviewed as no significant differences |
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| PBE FRS 43 | Summary Financial Statements Not reviewed as no significant differences |
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| PBE FRS 45 | Service Concession Arrangements: Operator Not reviewed as no significant differences to NZ IFRS equivalent, NZ IFRIC 12 Service Concession Arrangements |
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| PBE FRS 46 | First-time Adoption of PBE Standards by Entities Previously Applying NZ IFRSs Not reviewed |
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| PBE FRS 47 | First-time Adoption of PBE Standards by Entities Other Than Those Previously Applying NZ IFRSs Not reviewed as not applicable |