2024 Omnibus Amendments to PBE Standards

We are consulting on proposed narrow-scope amendments and improvements to PBE Standards. These proposals are relevant to Tier 1 and Tier 2 public benefit entities (PBEs) in the public and not-for-profit sectors.
 
The proposed amendments are closely based on amendments recently incorporated into the New Zealand for-profit standards. 
Those amendments are useful in both the for-profit and PBE sectors. 

The Exposure Draft 2024 Omnibus Amendments to PBE Standards contains the following proposed amendments to PBE Standards.

  • Amendments to PBE IPSAS 1 Presentation of Financial Reports, arising from Improvements to IPSAS, 2023 issued by the IPSASB, which are based on Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants issued by the IASB. The amendments clarify the principles for classifying a liability as current or non-current.
  • Amendments to PBE IAS 12 Income Taxes arising from Tax Reform—Pillar Two Model Rules (Amendments to NZ IAS 12) issued by the NZASB. These amendments propose providing PBEs temporary relief from accounting for deferred taxes arising from OECD’s international tax reform.

Read the Exposure Draft here.

Read the Consultation Document here.

The Exposure Draft sets out the proposed amendments, and the Consultation Document summarises the proposals and includes questions for respondents. 

How to provide feedback

Please send us your comments — both formal and informal– by using the form below or emailing us at accounting@xrb.govt.nz

Comments must be submitted by 15 August 2024.

We intend on publishing all comments on the XRB website, unless they may be defamatory. If you have any objection to this, we will not publish them. However, they will remain subject to the Official Information Act 1982 and, therefore, may be released in part or in full. The Privacy Act 2020 also applies.

Consultations