Public Sector PBE Accounting Standards Package (issued June 2012)
The XRB and the NZASB have issued a set of forty-one (41) EDs that operationalise the new Accounting Standards Framework as it applies to Tier 1 and Tier 2 Public Sector Public Benefit Entities (PS PBEs). Comments are due by Friday 14 December 2012
The Package comprises ED XRB A1 (FP Entities + PS PBEs Update) plus EDs for the suite of 39 PBE Standards and the PBE Framework, together with accompanying Invitations to Comment.
It is recommended that constituents read the Invitation to Comment to ED XRB A1 (FP Entities + PS PBE Update) first as this explains the overall framework and how the various EDs fit together. Click here for the Exposure Draft.
ED XRB A1 (FP Entities + PS PBEs Update)
ED XRB A1 (FP Entities + PS PBEs Update) is the second of three revisions to Standard XRB A1 to give effect to the new Accounting Standards Framework.
This revision takes ED XRB A1 (FP Entities Update) issued in April 2012 as the starting point. The FP Entities Update established the reporting requirements for for-profit entities. The FP Entities + PS PBE Update leaves those for-profit entity requirements unchanged and adds to them the overarching requirements for reporting by Public Sector PBEs. This includes the new tier structure, the criteria for the tiers, and the accounting standards that will apply to those tiers, as they apply to Public Sector PBEs.
| ED XRB A1 | ED XRB A1 (FP Entities + PS PBEs Update) |
EDs for PBE Standards (Tier 1 and Tier 2)
In accordance with the new Accounting Standards Framework, Tier 1 PS PBEs will be required to apply a new suite of accounting standards to be known as “PBE Standards”. Tier 2 PS PBEs will be able to apply the PBE Standards with Reduced Disclosure Requirements (PBE Standards RDR).
This Package contains EDs for the suite of PBE Standards and the PBE Framework. Each Standard also includes the RDR provisions so the suite of standards will apply to both Tier 1 and Tier 2 entities.
| Invitation to Comment | PBE Standards for Public Sector PBEs |
| ED PBE IPSAS 1 | Presentation of Financial Statements |
| ED PBE IPSAS 2 | Cash Flow Statements |
| ED PBE IPSAS 3 | Accounting Policies, Changes in Accounting Estimates and Errors |
| ED PBE IPSAS 4 | The Effects of Changes in Foreign Exchange Rates |
| ED PBE IPSAS 5 | Borrowing Costs |
| ED PBE IPSAS 6 | Consolidated and Separate Financial Statements |
| ED PBE IPSAS 7 | Investments in Associates |
| ED PBE IPSAS 8 | Interests in Joint Ventures |
| ED PBE IPSAS 9 | Revenue from Exchange Transactions |
| ED PBE IPSAS 10 | Financial Reporting in Hyperinflationary Economies |
| ED PBE IPSAS 11 | Construction Contracts |
| ED PBE IPSAS 12 | Inventories |
| ED PBE IPSAS 13 | Leases |
| ED PBE IPSAS 14 | Events After the Reporting Date |
| ED PBE IPSAS 16 | Investment Property |
| ED PBE IPSAS 17 | Property, Plant and Equipment |
| ED PBE IPSAS 19 | Provisions, Contingent Liabilities and Contingent Assets |
| ED PBE IPSAS 20 | Related Party Disclosures |
| ED PBE IPSAS 21 | Impairment of Non-Cash-Generating Assets |
| ED PBE IPSAS 22 | Disclosure of Information About the General Government Sector |
| ED PBE IPSAS 23 | Revenue from Non-Exchange Transactions |
| ED PBE IPSAS 25 | Employee Benefits |
| ED PBE IPSAS 26 | Impairment of Cash-Generating Assets |
| ED PBE IPSAS 27 | Agriculture |
| ED PBE IPSAS 28 | Financial Instruments: Presentation |
| ED PBE IPSAS 29 | Financial Instruments: Recognition and Measurement |
| ED PBE IPSAS 30 | Financial Instruments: Disclosures |
| ED PBE IPSAS 31 | Intangible Assets |
| ED PBE IPSAS 32 | Service Concession Arrangements: Grantor |
| ED PBE IFRS 3 | Business Combinations |
| ED PBE IFRS 4 | Insurance Contracts |
| ED PBE IFRS 5 | Non-current Assets Held for Sale and Discontinued Operations |
| ED PBE IAS 12 | Income Taxes |
| ED PBE IAS 34 | Interim Financial Reporting |
| ED PBE FRS 42 | Prospective Financial Statements |
| ED PBE FRS 43 | Summary Financial Statements |
| ED PBE FRS 45 | Service Concession Arrangements: Operator |
| ED PBE FRS 46 | First-time Adoption of PBE Standards by Entities Previously Applying NZ IFRSs |
| ED PBE FRS 47 | First-time Adoption of PBE Standards by Entities Other Than Those Previously Applying NZ IFRSs |
| ED PBE Framework | Public Benefit Entities' Framework |
Please note that these EDs have been developed primarily with public sector entities in mind. An ED for revisions to the PBE Standards/ PBE Standards RDR to make them more applicable to not-for-profit entities will be issued next year (expected to be around September 2013). Click here for the PBE Standards Glossary of Defined Terms.