NZASB ED 2020-1

  • Not-for-profit
  • Public Sector

Proposed 2020 Amendments to PBE FRS 48

The New Zealand Accounting Standards Board (NZASB) has published for public comment NZASB ED 2020-1 Proposed 2020 Amendments to PBE FRS 48.

Given the disruption to the operations of many PBEs during 2020 as a result of COVID-19 some PBEs may be unable to successfully implement PBE FRS 48 Service Performance Reporting by its effective date. The NZASB is therefore proposing to defer the effective date of PBE FRS 48 by one year (from 1 January 2021 to 1 January 2022). The standard remains available for early adoption.

The NZASB has stressed its ongoing support for the objective of the standard (being to establish principles and requirements for an entity to present service performance information that is useful for accountability and decision-making purposes) and the importance of service performance information for users of PBE financial reports. In issuing this ED the NZASB is motivated by a desire to provide affected PBEs, with more time, in the current circumstances, to successfully implement the standard and meet this objective.

Commenting on the proposal

The NZASB encourages you to read the ED and accompanying Invitation to Comment, and to comment on the proposals.

Send your comments—both formal and informal—by 10 August 2020 to the NZASB using the form below.

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