Reporting Requirements for Tier 3 Public Sector Entities

The Tier 3 (PS) Standard sets out the requirements that Tier 3 public sector entities are required to follow when preparing performance reports.

This Standard is required to be applied for accounting periods that begin on or after 1 April 2024. Earlier application is permitted for accounting periods that end after the Standard takes effect on 15 June 2023.

This new Standard, when applied, supersedes the previous version of this standard Public Benefit Entity Simple Format Reporting – Accrual (Public Sector).

Does Tier 3 apply to you?

You may apply this standard if your entity:

  • does not have public accountability;
  • has expenses ≤$2 million; and
  • elects to be in Tier 3.

Looking for the Tier 4 Standard instead?


  • Reporting Requirements for Tier 3 Public Sector Entities – Periods beginning on or after
    1 Apr 2024 (early adoption permitted)

    Date of issue: May 2023

    Additional material: Basis for Conclusions - Tier 3 (PS) Standard

Reporting templates

    XLSX version

  • Tier 3 (PS) Template - Excel

    Date of issue: May 2023

Differences between the Tier 3 (PS) Standard and PBE SFR-A (PS): 

The most significant changes in the Tier 3 (PS) are to: 

  • Align the terminology related to service performance reporting more closely with PBE FRS 48 – The terms “outcomes” and “outputs” have been removed from the standard and replaced with terms that are more aligned with the Tier 2 Standard. More guidance on service performance reporting has also been added to the Tier 3 (PS) Standard. 
  • Introduce a new revenue recognition model – in the Tier 3 (PS) Standard revenue can now be deferred when there is a “documented expectation” instead of when there is a “use or return condition”. This new model will make it easier to defer revenue to reflect how many Tier 3 entities operate. Note – any revenue that could be deferred under the use or return condition model will still be able to be deferred under the new documented expectation model. 
  • Allow some assets to be revalued without opting up – in the Tier 3 (PS) Standard entities are now able to revalue their property, plant and equipment, investment property, and publicly traded financial investments without needing to apply the applicable Tier 2 Standard. Note – entities that previously revalued their property, plant and equipment assets using a local council valuation are able to continue using these valuations in the Tier 3 (PS) Standard. 
  • Increase the number of minimum categories – the Tier 3 (PS) Standard includes more categories on the face of the Statement of Financial Performance which are more clearly defined. Due to the increased number of categories, the option to disaggregate further on the statement of financial performance has been removed. Overall, this will make it easier for entities to classify their revenue and expense items and promote consistency of reporting. Note – entities are still permitted to relabel the categories to use different terminology and/or provide more disaggregation in the notes to the performance report. 
  • Require entities to disclose more information about restricted and discretionary reserves – The Tier 3 (PS) Standard requires enhanced disclosures where entities have restricted or discretionary reserves. The enhanced disclosures will increase transparency over the resources available to an entity and its future plans.