Pitopito Kōrero

August 2022

2022 Stakeholder Engagement Research

Earlier this year the XRB commissioned independent research company Kantar Public to undertake stakeholder engagement research on our behalf. The research measured perceptions of the XRB’s activities and performance, and how well we are connecting and working with our external stakeholders. Results show that we are performing well, with an overall satisfaction rate of 71%.  

The XRB last measured its perception among stakeholders in 2018 however, the 2022 research differs in the overall approach, with the inclusion of 19 qualitative interviews with senior stakeholders to understand the strategic issues they are currently facing. The XRB Board will be using the insights gained at a strategy session later this month.  

We value the feedback and the views provided and will use the report to help improve our performance and external relationships. 

Refreshed Service Performance Reporting guidance

The Service Performance Reporting Standard (PBE FRS 48) which applies to Tier 1 and 2 public benefit entities, became effective for periods beginning at the start of this year. Some entities chose to apply it early, however many entities will be about to report on service performance for the first time. If PBE FRS 48 applies to you, and you haven’t already started preparing for service performance reporting, we encourage you to ensure you are gathering the necessary information you need to report. Having that in place will make undertaking the reporting more straightforward.   

Entities need flexibility to decide how best to tell their story in an appropriate and meaningful way. ​PBE FRS 48 establishes principles and high-level requirements for the reporting of service performance information rather than specifying detailed reporting requirements. ​ 

Our recent stakeholder survey showed that preparers want more guidance from us on this type of reporting, so we’ve taken a fresh look at service performance reporting and produced a short guide to help you get started. We will also be hosting a webinar in September, where in addition to walking you through the requirements of the Standard, you will also be able to hear from Board members and volunteers who have already reported on service performance.

GHG Assurance update 

The XRB is responsible for the assurance standard, including the ethical and quality management requirements, related to mandatory assurance engagements over the greenhouse gas disclosures to be included in climate statements. 

We are currently exploring the development of a short life and very narrow scope assurance standard, focussed on the mandatory assurance engagement as an interim solution. This recognises the need to build capacity and bring various professionals together in the context of this regime.  This is a key topic for discussion at the Audit and Assurance Standard Board meeting this month and we are keen to hear other views on the development of this standard while we develop an exposure draft to be issued in December 2022. 

Climate reporting consultation launched

Joined by Minister David Clark and Minister James Shaw along with nearly 400 attendees, last week we launched the final climate reporting consultation. Media have been extremely interested in the release with in-depth articles featured in Stuff, Business Desk, Newsroom and NBR. 

We are hosting a series of targeted Deep Dive Events throughout August to help you digest what’s in the proposed standards. As always, we really want your feedback. The consultation closes 26 September 2022.  

In brief   

Upcoming Events

• Need to Know Series – Assurance Update: 8 August
• Need to Know Series – Accounting for-profit: 16 August
• Need to Know Series – Accounting not-for-profit/public sector: 17 August
• Climate-related Disclosures Deep Dive: 9, 16, 17, 23 August

Consultations

• Definitions of listed and public interest entities: Closes 15 August
• Climate-related Disclosures: Closes 26 September
• Disclosure of fees paid to audit firms: Closes 30 September
• Tiers 3 & 4 Not-for-Profit & Public Sector Reporting: Closes 30 September.