The new accounting framework changes mean that from 1 July 2014, public sector PBEs report against a new suite of PBE standards. This new suite is made up of mainly International Public Sector Accounting Standards (IPSASs), modified where appropriate for the New Zealand context. The suite also includes five NZ International Financial Reporting Standards (NZ IFRS) and four domestic standards (FRSs).
The Government reporting entity is designated as a PBE and therefore, the consolidated Financial Statements of the Government (FSG) needs to be prepared using the new PBE standards from the financial year 2014/15.
On transition, the new suite of PBE standards was found to be highly converged with previous NZ IFRSs as applied by PBEs.
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.
- 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.
- 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.