NFP Simple Format Reporting Exposure Drafts Package (issued December 2012)

The External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) have issued for comment a package of Exposure Drafts (ED's) designed to operationalise the new Accounting Standards Framework as it applies to Not-For-Profit Entities (NFP Entities).  Comments are due by Friday 28 June 2013.

The NFP Simple Format Reporting Package comprises:

  • ED XRB A1 (FP Entities + PS PBEs + NFPs Update); 
  • ED PBE Simple Format  Reporting Standard – Accrual (NFP) – the proposed standard for Tier 3 NFP Entities; 
  • ED PBE Simple Format  Reporting Standard – Cash (NFP) – the proposed standard for Tier 4 NFP Entities;
  • EDs for optional Templates and associated Guidance Notes that can be used by Tier 3 and Tier 4 NFP Entities; and
  • Related Invitations to Comment.

It is recommended that constituents read the Invitation to Comment to ED XRB A1 (FP Entities + PS PBEs + NFPs Update) first as this explains the overall framework and how the various EDs fit together.

ED XRB A1 (FP Entities + PS PBEs + NFPs Update)

ED XRB A1 (FP Entities + PS PBEs + NFPs Update) is the proposed third revision to Standard XRB A1 issued by the XRB Board to give effect to the new Accounting Standards Framework.

This FP Entities + PS PBEs + NFPs revision takes ED XRB A1 (FP Entities + PS PBEs Update) – the second revision issued in June 2012 – as the starting point.  It leaves the requirements for-profit entities and public sector PBEs contained in that second revision unchanged and then adds the overarching requirements for reporting by NFP entities. This includes the new tier structure, the criteria for the tiers, and the accounting standards for each tier, as they apply to NFP Entities.

ED XRB A1 (FP Entities + PS PBEs + NFPs Update)

EDs for NFP Simple Format Reporting Standards

In accordance with the new Accounting Standards Framework, Tier 3 and Tier 4 NFP entities are able to report in accordance with Simple Format Reporting Standards.

This Package contains EDs for the two NFP Simple Format Reporting Standards: the accrual accounting version (for Tier 3 NFPs); and the cash accounting version (for Tier 4 NFPs).

ED PBE SFR-A (NFP) Tier 3 Accrual Accounting Standard
ED PBE SFR-C (NFP) Tier 4 Cash Accounting Standard

Simple Format Reporting Templates

To assist preparers in the NFP sector, the NZASB has also developed two “fill-in-the-box” type reporting templates – one that reflects the requirements of the draft simple format accrual standard; and one that reflects the requirements of the draft simple format cash standard.  The Template EDs have been developed using an excel workbook with the various parts of the Performance Report automatically linked.  Each Template is accompanied by a set of Guidance Notes which explain how to complete the Template. 

The Templates will have no legal standing and their use will be completely optional.  However, the NZASB would welcome constituents’ feedback on the Templates and Guidance Notes.

Tier 3

ED Template PBE SFR-A (NFP) Optional Template for ED PBE SFR-A (NFP) - PDF Version
ED Template PBE SFR-A (NFP) Optional Template for ED PBE SFR-A (NFP) - XLSX Version
ED Template PBE SFR-A (NFP) Optional Template for ED PBE SFR-A (NFP) - Excel 97-2003 Version
Guidance Notes Guidance Notes Accompanying the Optional Template for ED PBE SFR-A (NFP)

Tier 4

ED Template PBE SFR-C (NFP) Optional Template for ED PBE SFR-C (NFP) - PDF Version
ED Template PBE SFR-C (NFP) Optional Template for ED PBE SFR-C (NFP) - XLSX Version
ED Template PBE SFR-C (NFP) Optional Template for ED PBE SFR-C (NFP) - Excel 97-2003 Version
Guidance Notes Guidance Notes Accompanying the Optional Template for ED PBE SFR-C (NFP)

This NFP Simple Format Reporting Package does not include standards for NFP entities that will be in Tier 1 or Tier 2 under the new Accounting Standards Framework.  The standards that will apply to those entities are the PBE Standards and the PBE Standards RDR respectively.

Draft PBE Standards/PBE Standards RDR were issued as part of the PS PBE Package in June 2012.  However, those draft standards were focused primarily on public sector PBEs. 

The NZASB is currently working on enhanced version of those draft PBE Standards that will be equally applicable to NFP entities.  The EDs for those enhanced PBE Standards are expected to be issued for comment in mid-late 2013.

Submissions on the Package

Comments on this package of NFP Simple Format Reporting Exposure Drafts Package can take whatever form is easiest for respondents.

Submissions should be addressed to the Chief Executive, External Reporting Board, PO Box 11250, Manners Street Central, Wellington 6142, and emailed to submissions@xrb.govt.nz. Submissions are due by Friday 28 June 2013.


 

MoST Content Management V3.0.5468