These guidelines have been written to provide an overview of the reporting requirements for all Crown reporting entities.
These guidelines have been written to provide an overview of the reporting requirements for all Government reporting entities. For the most recent list of Government reporting entities, please refer to the list in the Forecast Financial Statements section of the latest Economic and Fiscal Update document: https://treasury.govt.nz/publications/efu/half-year-economic-and-fiscal-update-2018-html#child-33
In order to meet the reporting requirements, financial information is collected via the Crown Financial Information System (CFISnet). The information collected will be used to produce the Crown Financial Statements.
In order to ensure consistency in the preparation of the Crown Financial Statements, information must be provided that is consistent with Crown accounting policies. The Crown Financial Statements comply with NZ GAAP and Treasury Instructions (issued under section 80 of the Public Finance Act 1989) provide further guidance on central Government accounting policies and practices - refer to: http://www.treasury.govt.nz/publications/guidance/instructions.
Treasury Circulars also provide guidance and information, and are used to request financial information. Treasury Circulars may cover matters that are outside the scope of Treasury Instructions, such as the budget timetable. Since Treasury Instructions are updated annually, Treasury Circulars may also cover matters that are to take effect immediately (but may later be incorporated within Treasury Instructions as part of an annual update). A list of publicly-available Treasury Circulars is provided here: http://www.treasury.govt.nz/publications/guidance/circulars. Some of the Treasury Circulars listed here contain sensitive information so are not available on this website. All Treasury Circulars are accessible to agencies through their finance team which will have access to CFISnet.
We rely heavily on the correct disclosure of inter-entity transactions and balances. Inter-entity transactions and balances should be recognised in accordance with our Eliminations Framework at http://www.treasury.govt.nz/publications/guidance/reporting/accounting.
Reporting Streams Framework
To balance the aims of producing consolidated Crown accounts that are materially accurate and minimising reporting requirements on any one reporting entity as much as possible we have established a four-tiered reporting approach for entities that determine the frequency and form of reporting.
The guidance for determining which reporting stream an entity falls into is as follows:
|Indicator||Stream A SOEs & CEs (full reporting
|Stream B SOEs & CEs (reduced reporting
|Stream C SOEs & CEs (minimal reporting
|Stream D All core Crown incl. Reserve Bank (full reporting requirements)|
|Operating Balance||>$25 million||n/a|
|Assets||>$1 billion||$1 billion $150 million||n/a|
All entities must submit annual numbers to Treasury for year end exercises. However, the ‘reporting stream' allocated to an entity determines whether it needs to provide forecasts and monthly actuals. The Treasury reporting requirements for the four streams are listed here:
|Report Type||Reporting Streams|
|Annual Forecasts/Baseline Updates||Y||Y||N||Y|
|Monthly Forecast Tracks||Y||N||N||Y|
(Sept to May)
Refer to the list of SOEs and Crown entities below for your Treasury reporting stream.
Audit of Crown Reporting Requirements
As the information supplied for the year end financial statements is subject to audit, the OAG assigns audit classes (Large, Medium or Small) to entities; this determines the timing of an entity's annual audit sign-off.
If an entity is assigned as Large or Medium, auditors must sign-off their annual CFISnet DataLoad before the OAG will sign-off the consolidated Financial Statements of the Government (FSG). Therefore Large and Medium entities must receive audit sign-off (referred to as the FSG 2 clearance) and fax it to Treasury before the due date.
If an entity is assigned as Small, the sign-off of their annual CFISnet DataLoad is not required by the OAG before the FSG is cleared. Therefore small entities arrange the timing of their audit clearance based on their own statutory reporting timetable. Small entities do not need to fax the FSG 3 clearance to Treasury.
Most departments are assigned as Large or Medium and accordingly must receive and fax their audit clearance on the due date. The only exceptions are the following departments and Offices of Parliament which are assigned as Small by the OAG and therefore do not require the FSG 3 clearance:
- Crown Law Office;
- Education Review Office;
- Food Safety Authority;
- Government Communications Security Bureau;
- New Zealand Security Intelligence Service;
- Office of the Clerk;
- Pacific Island Affairs;
- Parliamentary Counsel Office;
- Serious Fraud Office;
- Statistics New Zealand; and
- Women’s Affairs;
- Offices of Parliament
- Ombudsmen; and
- Parliamentary Commissioner for the Environment.
SOEs, Crown Entities and Their Treasury Reporting Stream and OAG Audit Class
For SOEs entities please consult the following tables to identify your Treasury reporting stream and OAG audit class:
|SOEs||Treasury Reporting Stream||OAG Audit Class|
|Airways Corporation of New Zealand Limited||C||Medium|
|Animal Control Products||C||Small|
|Genesis Power Limited||A||Large|
|Kordia Group Limited||B||Large|
|Landcorp Farming Limited||B||Medium|
|Learning Media Limited||C||Small|
|Meridian Energy Limited||A||Large|
|Meteorological Service of New Zealand Limited||C||Small|
|Mighty River Power Limited||A||Large|
|New Zealand Post Limited||A||Large|
|New Zealand Railways Corporation||A||Large|
|Quotable Value New Zealand||C||Small|
|Solid Energy New Zealand Limited||A||Medium|
|Timberlands West Coast Limited||C||Small|
|Transpower New Zealand Limited||A||Large|
For Crown entities and others please consult the following tables to identify your Treasury reporting stream and OAG audit class:
|Crown Entities||Treasury Reporting Stream||OAG Audit Class|
|Accident Compensation Corporation||A||Large|
|Agricultural and Marketing Research and Development Trust||C||Small|
|Alcohol Advisory Council of New Zealand||C||Small|
|Arts Council of New Zealand Toi Aotearoa (Creative New Zealand)||C||Small|
|Asia New Zealand Foundation||C||Small|
|Civil Aviation Authority of New Zealand||C||Small|
|Crown Health Financing Agency||C||Small|
|District Health Boards||A||Large|
|Energy Efficiency and Conservation Authority||C||Small|
|Environmental Risk Management Authority (ERMA)||C||Small|
|Foundation for Research, Science and Technology||A||Large|
|Health and Disability Services Commissioner||C||Small|
|Health Research Council of New Zealand||C||Small|
|Health Sponsorship Council||C||Small|
|Horticulture and Food Research Institute of New Zealand Limited||C||Small|
|Housing New Zealand Corporation||A||Large|
|Human Rights Commission||C||Small|
|Industrial Research Limited||C||Small|
|Institute of Environmental Science and Research Limited||C||Small|
|Institute of Geological and Nuclear Sciences Limited||C||Small|
|Legal Services Agency||C||Medium|
|Manaaki Whenua Landcare Research New Zealand Limited||C||Small|
|Maritime New Zealand||C||Small|
|Mental Health Commission||C||Small|
|Museum of New Zealand Te Papa||B||Medium|
|National Institute of Water and Atmospheric Research Limited||C||Medium|
|New Zealand Antarctic Institute (Antarctica New Zealand)||C||Small|
|New Zealand Artificial Limb Board||C||Small|
|New Zealand Fast Forward Fund Limited||C||Small|
|New Zealand Film Commission||C||Small|
|New Zealand Fire Service Commission||A||Medium|
|New Zealand Forest Research Institute Limited||C||Small|
|New Zealand Lotteries Commission||A||Large|
|New Zealand Lottery Grants Board||C||Medium|
|New Zealand on Air (Broadcasting Commission)||C||Medium|
|New Zealand Qualifications Authority||C||Small|
|New Zealand Symphony Orchestra||C||Small|
|New Zealand Tourism Board||C||Small|
|New Zealand Trade and Enterprise||A||Medium|
|New Zealand Transport Agency||A||Large|
|New Zealand Venture Investment Fund||C||Small|
|Office of Film and Literature Classification||C||Small|
|Pharmaceutical Management Agency Limited||C||Small|
|Radio New Zealand Limited||C||Small|
|Sport and Recreation New Zealand||C||Small|
|Standards New Zealand (Standards Council)||C||Small|
|Te Reo Whakapuaki Irirangi (Te Mangai Paho)||C||Small|
|Te Taura Whiri I Te Reo Maori (Maori Language Commission)||C||Small|
|Telarc Limited (Testing Laboratory Registration Council)||C||Small|
|Television New Zealand||A||Large|
|Tertiary Education Commission||A||Large|
|Transport Accident Investigation Commission||C||Small|
|Other||Treasury Reporting Stream||OAG Audit Class|
|Air New Zealand||A||Large|
|NZ Superannuation Fund||A||Large|
Approximate Timeline of Reporting Requirements
The authoritative submission dates are provided via Treasury circulars available on CFISnet.
Monthly Transmissions from September to May (Streams A, B, C and D)
(Crown Financial Statements are not required for July and August under the Public Finance Act) are required to be submitted by Stream A and D entities via the DataLoad Workbook to CFISnet.
The deadlines for monthly reporting are generally 7 working days for Departments and 10 working days for stream A entities. Stream B and C entities are not required to submit monthly returns. Other indicative reporting timeframes are set out below:
A, B and D streams submit their organisation's financial information to CFISnet. To gain access to this system you must apply by filling in the details in the word template found at this internet address http://www.treasury.govt.nz/publications/guidance/reporting/cfisnet and following the instructions also available at the same address. Once you are registered we will provide you with further information to enable you to report your organisation's financial information to the Government.
C streams are sent an Excel workbook to fill in for their end of year accounts.
Reporting and commenting on your variances from forecast is an important accountability process. The Treasury relies on your analysis to explain the variances on the consolidated result to the Minister of Finance.
Variance explanations are expected to address the underlying reason for the variance and be of sufficient quality to be used directly in the published accounts.
Entities should refer to Treasury Circular 2007/12 for the variance report template, instructions and variance materiality levels.