PBE Exposure Draft on Approved Budget

The New Zealand Accounting Standards Board (NZASB) has published for comment ED NZASB 2016-9 Approved Budget (Proposed Amendments to PBE IPSAS 1) (ED NZASB 2016-9).

The use of the term "approved budget" in PBE IPSAS 1 Presentation of Financial Statements has caused some confusion in practice. ED NZASB 2016-9 is proposing to amend PBE IPSAS 1 by removing the reference to the term "approved budget" to eliminate this confusion.

ED NZASB 2016-9 also proposes that if comparisons between prospective general purpose financial statements and historical financial statements are required, such comparisons can be presented either on the face of the financial statements or in the notes.

The proposals in ED NZASB 2016-9 are relevant for Tier 1 and Tier 2 public benefit entities.

The NZASB encourages you to consider how these proposals will affect your entity and invites you to comment.

The proposals do not affect the disclosure requirements. Therefore, we are not proposing any disclosure concessions for Tier 2 public benefit entities.

Send your comments—both formal and informal—by 20 February 2017 to the NZASB as follows:

EITHER by post addressed to the:

Chief Executive
External Reporting Board
PO Box 11250
Manners Street Central
WELLINGTON 6142

OR by email to submissions@xrb.govt.nz.

We would appreciate receiving a copy of your submission in electronic form (preferably Microsoft Word format). This helps us to efficiently collate and analyse comments. Any electronic file should also specify the exposure draft (ED) 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 (www.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 object 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).

Click here to read the Invitation to Comment and Exposure Draft.

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