Project Timetable - Transition to the Public Sector PBE Standards

The Treasury will produce a table of key differences between NZ IFRS (as applied by PBEs) versus the new Public Sector PBE Standards.
This table of key differences will be available on the Treasury website in December to help entities with their own transition programmes.

The Treasury will issue a short electronic survey seeking entity feedback on whether entities expect any changes to their financial statements as a result of transitioning to PBE standards. We are aiming to have the survey issued in early December and entity responses back to us just before Christmas.
We envisage that this exercise will also help entities determine what actions (if any) they will need to undertake next year to ensure their organisation has a smooth transition to the new PBE standards for their separate reporting in 2014/15.

Using the information collected during phases 1 and 2 the Treasury will:

• identify any significant changes to Crown accounting policies;
• seek entity assistance to quantify any significant adjustments to the financial statements as a result in changes to the accounting policies; and
• confirm how we would like entities to incorporate impacts (if any) into their financial forecasts submitted via CFISnet for Budget 2014.

During this phase, the Treasury will perform a more detailed review of disclosure differences between the standards and update the pro-forma financial statements and accompanying notes for the Financial Statements of the Government (FSG) for the year ended 30 June 2015.
We will contact entities and work with the FSG auditors to agree on the contents of any new disclosures.