One of the challenges arising from the new accounting framework is that of mixed group reporting. This arises where a consolidated group contains both for-profit entities that report under NZ IFRS standards and public benefit entities (PBEs) that report under PBE standards.
For the Government reporting group, which is designated as a PBE, this means that sometimes for-profit entities will need to adjust their CFISNet schedules for group reporting purposes to ensure they comply with Crown accounting policies and PBE standards.
We are very aware of the extra work this may create for for-profit entities – monitoring changes to two sets of standards, assessing the implications then making and maintaining adjustments. Therefore, the Treasury will consider the implications of significant changes to NZ IFRS standards and PBE standards before determining whether an adjustment is actually required. This information will be issued in circulars and documents linked to this web-page.
Resources to Assist You
To help you stay informed about changes, we will also periodically publish tables of all new standards and amendments issued by the XRB. In addition, we will provide links to other information you may find helpful.
Treasury Resources
Doc. Date Sort ascending | Creator | Title |
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The Treasury | A list of new and amended standards issued by the XRB including a description of the standard, its effective date and the Treasury's assessment of whether each change is permissible under Crown accounting policy and PBE standards. Please note only PBE standard changes are applicable to PBEs. |
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The Treasury | Treasury's assessment of 11 changes to for-profit standards which could result in differences between accounting policies applied by a for-profit entity for its individual financial statements and those applied for that entity's CFISnet schedules. |
- See also Public Sector PBE Standards - Comparison to NZ IFRS (PBE) (3 Dec 2013) - Outlines the significant recognition and measurement differences between the new suite of PBE standards, applicable from 1 July 2014, and the NZ IFRS (PBE) standards applicable for the 2013/14 reporting year.
Treasury Circulars
Doc. Date Sort ascending | Creator | Title |
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The Treasury | ||
The Treasury | ||
The Treasury | ||
The Treasury |
External Resources
- Model Financial Statements under the new PBE accounting standards (Audit NZ website)
- XRB Website - The XRB issues all accounting standards. Their website also has helpful information on the accounting standards framework