The New Zealand Accounting Standards Board (NZASB) has published ED NZASB 2014-2 and ED NZASB 2014-3 for comment. These exposure drafts propose that Tier 3 public sector public benefit entities (PBEs) and Tier 3 not-for-profit PBEs with interests in controlled entities, associates and joint ventures apply the requirements in the Tier 2 PBE Accounting Standards in accounting for such interests.
The proposals in ED NZASB 2014-2 and ED NZASB 2014-3 are relevant for Tier 3 PBEs applying Public Benefit Entity Simple Format Reporting–Accrual (Public Sector) (PBE SFR-A (PS)) and Public Benefit Entity Simple Format Reporting–Accrual (Not-for-Profit) (PBE SFR-A (NFP)).
The NZASB encourages you to read the exposure drafts and comment on the proposals.
Comments on the proposals are due to the NZASB by 31 July 2014.
Comments, both formal and informal, can be made to the NZASB addressed to the Chief Executive, External Reporting Board, PO Box 11250, Manners Street Central, Wellington 6142, or by email to email@example.com.
We would appreciate receiving a copy of your submission in electronic form (preferably Microsoft Word format) as that helps us to efficiently collate and analyse comments. The comments should also specify the exposure draft number and title.
Please note in your submission on whose behalf the submission is being made (for example own behalf, a group of people, or an entity).
We intend publishing all submissions on the XRB website (xrb.govt.nz), unless the submission may be defamatory. If you have any objection to publication of your submission, we will not publish it on the internet. However, it will remain subject to the Official Information Act 1982 and, therefore, it may be released in part or in full. The Privacy Act 1993 also applies.
If you have an objection to the release of any information contained in your submission, we would appreciate you identifying the parts of your submission to be withheld, and the grounds under the Official Information Act 1982 for doing so (e.g. that it would be likely to unfairly prejudice the commercial position of the person providing the information).