Last updated:
Friday, 9 June 2017
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 | Title/Browse | Download |
|---|---|---|
| 9 Jun 2017 |
Changes to NZ IFRS and PBE Accounting Standards for the Period June 2011 to May 2017. 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. |
tsy-fp-pbe-changesjun11-may17.pdf (853 KB)
|
| 1 May 2014 |
The Treasury's Analysis of NZ IFRS Changes which may have a Mixed Group Reporting Impact for the 2013/14 Year 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. |
tsy-fpe-ifrs-mqri.pdf (55 KB)
|
| 3 Dec 2013 |
Public Sector PBE Standards - Comparison to NZ IFRS (PBE) 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 | Title/Browse | Download |
|---|---|---|
| 4 May 2015 | Treasury Circular 15/05: Crown Reporting: Implementation of New NZ PBE (Public Benefit Entity) Standards By For-Profit Entities | tc-2015-05.pdf (87 KB)
|
| 5 May 2014 | Treasury Circular 2014/05: Crown Reporting - Impact of Changes to NZ IFRS Standards on For-Profit Entities in 2013/14 | tc-2014-05.pdf (152 KB)
|
| 25 Nov 2013 | Treasury Circular 2013/13: Crown Reporting - Impact of New PBE Standards for the Public Sector on For-Profit Entities | tc-2013-13.pdf (98 KB)
|
| 25 Nov 2013 | Treasury Circular 2013/12: Crown Reporting - Implementation of New PBE Standards for the Public Sector | tc-2013-12.pdf (92 KB)
|
External Resources
| External Resource |
|---|
|
Model Financial Statements under the new PBE accounting standards (Audit NZ website) |
|
The XRB issues all accounting standards. Their website also has helpful information on the accounting standards framework. |