Public Sector Simple Format Reporting Exposure Drafts Package (issued December 2012)

The New Zealand Accounting Standards Board (NZASB) has issued for comment a package of Exposure Drafts designed to operationalise the new Accounting Standards Framework as it applies to Tier 3 and Tier 4 Public Sector Public Benefit Entities. Comments are due by Thursday 28 March 2013.

The Public Sector PBE Simple Format Reporting Package comprises:

  • ED PBE Simple Format Reporting Standard – Accrual (PS) – the proposed standard for Tier 3 Public Sector Entities;
  • ED PBE Simple Format Reporting Standard – Cash (PS) – the proposed standard for Tier 4 Public Sector Entities;
  • EDs for optional Templates and associated Guidance Notes that can be used by Tier 3 and Tier 4 Public Sector Entities; and
  • Related Invitations to Comment.

Accounting Standards Framework for Public Sector PBEs

The new Accounting Standards Framework for Public Sector PBEs comprises four tiers. The new tier structure, the criteria for the tiers, and the accounting standards for each tier, as they apply to Public Sector PBEs are specified in ED XRB A1 (FP Entities + PS PBEs Update) which was issued for comment in June 2012 – see Package 2.

The proposed standards for Tier 1 and Tier 2 Public Sector PBEs were issued for comment in June 2012. Submissions on that package of proposed Standards are due on Friday 14 December 2012.

This current package – the PS PBE Simple Format Reporting Package – contains the proposed standards for Tier 3 and Tier 4 Public Sector PBEs.

Taken together, the two packages contain the four suites of standards that the NZASB is proposing will apply to Public Sector PBEs when the new Accounting Standards Framework comes into effect – proposed to be periods beginning on or after 1 July 2014 for Public Sector PBEs.

EDs for PS PBE Simple Format Reporting Standards

In accordance with the new Accounting Standards Framework, Tier 3 and Tier 4 Public Sector PBEs will be able to report in accordance with Simple Format Reporting Standards.

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

ED PBE SFR-A (PS) Tier 3 Public Sector PBE Accrual Accounting Standard
ED PBE SFR-C (PS) Tier 4 Public Sector PBE Cash Accounting Standard

Simple Format Reporting Templates

To assist Tier 3 and Tier 4 Public Sector PBEs, 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 (PS) Optional Template for ED PBE SFR-A (PS) - PDF Version
ED Template PBE SFR-A (PS) Optional Template for ED PBE SFR-A (PS) - XLSX Version
ED Template PBE SFR-A (PS) Optional Template for ED PBE SFR-A (PS) - Excel 97-2003 Version
Guidance Notes Guidance Notes Accompanying the Optional Template for ED PBE SFR-A (PS)

Tier 4

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

Submissions on the Package

Comments on this PS PBE 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 March 2013.

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