Review of Simple Format Reporting Standards, Recent history of our Accounting Standards' Frameworks, Targeted Review of the Accounting Standards Framework, Convergence with international auditing & assurance standards, Frequently Asked Questions Tier 3 & 4 (NFP), Frequently Asked Questions Tier 1 & 2 (NFP), Description of the auditor's responsibilities, Guidelines for External Participants in XRB Online Meetings. 0000011050 00000 n PBE IPSAS 23 – This version is effective for … 719 PBE IPSAS 23 Revenue from Non-Exchange Transactions In recognising revenue from non-exchange transactions, an entity shall recognise the asset and revenue only to the extent that a liability is not also recognised. 0000054756 00000 n UN-2 . 0000054646 00000 n IPSAS 23: Erlöse aus Geschäftsvorfällen ohne Gegenleistung (Steuern und Transfers) n/a: IPSAS 24: Ausweis von Budgetinformationen im Abschluss. 0000054976 00000 n 0000054536 00000 n NZ IAS 41 (PBE IPSAS 27) applies to ‘biological assets’ which are living animals or plants. 0000009307 00000 n 0000054426 00000 n adoption of PBE IPSAS 23 Revenue from non-exchange transactions. Where the contract Revenue from Non-Exchange Transactions. 2623 123 0 Disclosure requirements of PBE IPSAS 23 apply. 0000053988 00000 n Published: Dec 10, 2020. Non-exchange transactions are transactions that are not exchange transactions. GBEs … This standard is highly relevant to the parishes in our centralized accounting group. Current | English. This is a standard which prescribes how to account for donated goods and services. As such, IAS 8/PBE IPSAS 3 make specific exemptions regarding retrospective restatement of comparatives where an entity decides to change its accounting policy from cost to revaluation. 0000008200 00000 n 0000010257 00000 n 0000055303 00000 n 0000054921 00000 n IPSASB CAG December 2020 Meeting Podcast . Previous version. 0000054866 00000 n IPSAS 3, “Accounting Policies, Changes in Accounting Estimates and Errors” provides a basis for selecting and applying accounting policies in the absence of explicit guidance. There are several new financial reporting amendments applicable for periods ending 31 March 2017. 0000055412 00000 n PBE IPSAS 23 – This version is effective for reporting periods beginning on or after 1 Jan 2021 (early adoption permitted) Date of issue: Sep 2014 Date compiled to: 31 Jan 2020 (excludes PBE IFRS 9 and PBE IPSAS 41) Download. PBE IPSAS 23 should be read in the context of its objective, the NZASB’s Basis for Conclusions on PBE IPSAS 23, the IPSASB’s Basis for Conclusions on IPSAS 23, the Public Benefit Entities’ Conceptual Framework and Standard XRB A1 Application of the Accounting Standards Framework. CSE considers there are no conditions … Definitions 18. Der neuseeländische Rechnungslegungsrats (External Reporting Board, XRB) und der neuseeländische Standardsetzer New Zealand Accounting Standards Board (NZASB) haben ein Paket von neuen Verlautbarungen herausgegeben, das für nach neuseeländischem Recht definierte "Unternehmen öffentlichen Nutzens" (public benefit entities, PBE), also im Wesentlichen gemeinnützige … 1 PBE IPSAS 23 PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS (PBE IPSAS 23) Issued September 2014 and incorporates amendments to 15 January 2016 This Standard was issued on 11 September 2014 by the New Zealand Accounting Standards Board of the External Reporting Board pursuant to section 12(a) of … There are several new financial reporting amendments applicable for periods ending 31 March 2017. 0000054701 00000 n %PDF-1.4 %���� Disclosure requirements of PBE IPSAS 23 apply. PBE IPSAS 23: Revenue from Non-Exchange Transactions: PBE IPSAS 25: Employee Benefits: PBE IPSAS 26: Impairment of Cash-Generating Assets: PBE IPSAS 27: Agriculture: PBE IPSAS 28: Financial Instruments - Presentation: PBE IPSAS 29 : Financial Instruments - Recognition and Measurement : PBE IPSAS 30: Financial Instruments - Disclosures: PBE IPSAS 31: Intangible Assets: PBE IPSAS 32: … Need more information? 0000052998 00000 n This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. %%EOF IPSAS 9 260 Accounting Standards Board (IASB). 78.52 KB. 0000012630 00000 n Disclosure is encouraged but not required and therefore represents best practice Any reference to ‘IAS’, ‘IFRS’, ‘IFRIC’ etc. PBE IPSAS 32 Service … 0000054372 00000 n publication of the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) with the permission of the International Accounting Standards Committee Foundation (IASCF). 0000019823 00000 n COVID-19: Deferral of Effective Dates. 8p61 PBE IPSAS 8, paragraph 61 1pRDR39.1 PBE IPSAS 1, paragraph RDR 39.1 FRS44p8 PBE Financial Reporting Standard 44, paragraph 8 DV Disclosure Voluntary. Read More . 0000053053 00000 n 5. These PBE amendments mean that NZ IFRS, as they apply to public sector entities, are similar to IPSAS. 28: PBE IPSAS 23.106(d) requires disclosure of the amounts of assets subject to restrictions and the nature of those restrictions. 0000008675 00000 n Public sector entities may derive revenues from exchange or non-exchange transactions. PBE IPSAS 23 Revenue from Non-Exchange Transactions PBE IPSAS 25 Employee Benefits PBE IPSAS 26 Impairment of Cash-Generating Assets PBE IPSAS 27 Agriculture PBE IPSAS 28 Financial Instruments: Presentation PBE IPSAS 29 Financial Instruments: Recognition and Measurement PBE IPSAS 30 Financial Instruments: Disclosures PBE IPSAS 31 Intangible Assets PBE IPSAS 32 Service … 0000015230 00000 n … PBE IPSAS 23 Revenue from Non-Exchange Transactions. MoH population-based revenue: The DHB receives annual funding from the MoH, which is based on population levels within the Te Motu DHB region. Active Alignment Project Consequential amendments from IFRS 16 Leases. The new standard: Removes the option to defer the recognition of certain actuarial gains … 23.05.2013. The IPSASB Issues Guidance on Public Sector Specific Financial Instruments. IPSAS 5 (May 2000) IAS 23 (Revised December 1993) IPSAS 5 uses different terminology. Donated Goods (Amendments to 2PBE IPSAS 23) 1 Jan 2016 M M M M M M2 2016 Omnibus Amendments to PBE Standards Refer to page 8 for more detail Approved Budget (Amendments to PBE IPSAS 1) 1 Jan 2018 O O O O O O Impairment of Revalued Assets (Amendments to PBE IPSASs 21 and 26) 1 Jan 2019 O O O O O O PBE IPSAS 34 Separate Financial Statements 1 Jan 2019 O O O O O O … IAS 41: IPSAS 28 : Finanzinstrumente: Ausweis. 0000015878 00000 n 0000018785 00000 n Measurement of Transferred Assets 83. As such, IAS 8/PBE IPSAS 3 make specific exemptions regarding retrospective restatement of comparatives where an entity decides to change its accounting policy from cost to revaluation. IAS 17 Leases, paragraph 27, and PBE IPSAS 13 Leases, paragraph 36, also require that finance leased assets on the books of lessees be depreciated over the shorter of the lease term and useful life. 0000055357 00000 n 2745 0 obj <>stream Revenue from non-exchange transactions is addressed separately under IPSAS 23. 0000054263 00000 n 0000008359 00000 n 0000053383 00000 n 0000011207 00000 n Exchange Revenue Disclosures . 0000000016 00000 n PBE IPSAS 23.107(a),(b) PBE IPSAS 9.39(a) The specific accounting policies for significant revenue items are explained below: Funding from the Crown CSE is primarily funded from the Crown. 0000053823 00000 n 1 PBE IPSAS 17 PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 17 PROPERTY, PLANT AND EQUIPMENT (PBE IPSAS 17) Issued September 2014 and incorporates amendments to 31 January 2020 other than consequential amendments resulting from early adoption of PBE IPSAS 41 Financial Instruments and PBE IFRS 17 Insurance Contracts This Standard was issued … PBE IPSAS 27 Agriculture. PBE IPSAS 39 is based on IPSAS 39, which was issued by the IPSASB to update its standards for the amendments to IAS 19 made by the IASB during the 2011-2015 period. Under PBE IPSAS 23, income received or receivable from a non-exchange transaction with an associated condition should be initially recognised as a liability and revenue should be recognised (and the liability extinguished) as the condition is met (note that a condition is a requirement that the asset received must be consumed by the recipient as specified or returned to the transferor). This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. 0000053218 00000 n 0000010098 00000 n IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) N/A IPSAS 24 Presentation of Budget Information in Financial Statements N/A ED 30 Impairment of Cash-Generating Assets (Exposure Draft) IAS 36 ED 31 Employee Benefits (Exposure Draft) IAS 19 All above standards are based on accrual accounting. MoH population-based revenue: The DHB receives annual funding from the MoH, which is based on population levels within the Te Motu DHB region. Non-exchange transactions are those where an entity receives resources and provides no or Currently … 0000007570 00000 n PBE IPSAS 11 Construction Contracts 23 PBE IPSAS 12 Inventories 24 PBE IPSAS 13 Leases 25 PBE IPSAS 14 Events After the Reporting Date 27 PBE IPSAS 16 Investment Property 28 PBE IPSAS 17 Property, Plant and Equipment 30 Contents . PBE IPSAS 23.7): Exchange transactions are transactions in which one entity receives assets or services, or has liabilities extinguished, and directly gives approximately equal value (primarily in the form of cash, goods, services, or use of assets) to another entity in exchange. This is because PBE IPSAS 23 has no equivalent within NZ IFRS and addresses the accounting treatment of revenue from grants and donations which are very prevalent in the sector. 0000010416 00000 n The framework for PBEs is based on International Public Sector Accounting Standards (IPSAS). MoH population-based revenue for the financial year is recognised based on the funding entitlement for that year. 0000017906 00000 n 0000006940 00000 n PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets 32 PBE IPSAS 20 Related Party Disclosures 34 PBE IPSAS 21 Impairment of Non … The … 8 PBE IPSAS 23.106(a) requires, either in the statement of comprehensive revenue and expense or the notes, that entities disclose the amount of revenue from non-exchange transactions by major classes, showing separately: i) taxes, showing separately major classes of taxes; and ii) transfers, showing separately major classes of transfer revenue. Some Standards, such as PBE IPSAS 23 Revenue from Non-Exchange Contracts, contain guidance specific to NFP PBEs. 0000007884 00000 n 0000054811 00000 n All entities will need to assess the impact of these amendments and ensure that relevant policies and functionalities … Consequential amendments from IFRS 16 Leases. PBE IPSAS 34-38 (relating to separate and consolidated financial statements, associates, joint ventures, joint arrangements and disclosure of interests in other entities), PBE IPSAS 39 Employee Benefits and new financial reporting amendments are already applicable for interim periods ending 30 June 2019. IPSAS 41, Financial Instruments, establishes new requirements for classifying, recognizing and measuring financial instruments to replace those in IPSAS 29, Financial Instruments: Recognition and Measurement. 0000022518 00000 n 0000012471 00000 n IPSAS 41 provides users of financial statements with more useful information than IPSAS 29, by: Applying a single classification and measurement model for financial assets that … This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. 0000054591 00000 n 0000055194 00000 n PBE IPSAS 28 Financial Instruments: Presentation. I have tried to simplify some of the technical language, but I would still recommend reading the standard thoroughly to make sure you have included all relevant disclosures. PBE IPSAS 9 PBE IPSAS 11 PBE IPSAS 23 To third parties Use or return condition No use or return condition Taxes etc ED 70 Revenue with performance obligations ED 71 Revenue without performance obligations Debate shifts from whether the revenue is exchange or non-exchange to whether there is a binding arrangement and a performance obligation. An interesting standard is PBE IPSAS 23: Revenue from Non-Exchange Transactions. 0000008834 00000 n 0000006782 00000 n 0000013580 00000 n IAS 36: IPSAS 27: Landwirtschaft. MoH … 0000009782 00000 n It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. 0000053878 00000 n 0000009466 00000 n 0000053658 00000 n Control of an assetarises when the entity can use or otherwise benefit from the asset in pursuit of its objectives, and can exclude or otherwise regulate the access of others to that benefit. Similar questions to that under NZ IFRS 15 will … 0000054481 00000 n ... (Amendments to 2PBE IPSAS 23) 1 Jan 2016 M M M2 M M2 M2 2016 Omnibus Amendments to PBE Standards Refer to page 8 for more detail Approved Budget (Amendments to PBE IPSAS 1) 1 Jan 2018 O O O O O O Impairment of Revalued Assets (Amendments to PBE IPSASs 21 and 26) 1 Jan 2019 O O O … CURRENT EDITION. NZ IAS 16, paragraph 23 (PBE IPSAS 17, paragraph 37) clarifies that ‘cost’ of an item of PPE is the ‘cash price equivalent’ at initial recognition, with the difference being recognised as interest expense over the credit period (or capitalised under NZ IAS 23 (PBE IPSAS 5)). 0000053493 00000 n IPSAS 42, Social Benefits, provides guidance on accounting for social benefits expenditure. The information below is a summary of paragraphs 39 onwards in PBE IPSAS 9: Revenue from Exchange Transactions and paragraphs 106 onwards in PBE IPSAS 23: Revenue from Non-Exchange Transactions. There is no equivalent financial reporting standard under NZ IFRS. Certain items meet the definition of a ‘biological asset’ but are considered ‘bearer plants’ and therefore accounted for as PPE under NZ IAS 16 (PBE IPSAS 17). 567 IPSAS 19 17. Non-Authoritative Amendments to IPSAS 41, Financial Instruments. GBEs are defined in IPSAS 1, “Presentation of Financial Statements.” 4. 82. 0000055085 00000 n A liability is recognised only to the extent that the present obligations have not been satisfied. 0000053933 00000 n 0000002816 00000 n 0000007413 00000 n REVENUE FROM EXCHANGE TRANSACTIONS IPSAS 9 260 Accounting Standards Board (IASB). xref 0000055140 00000 n It defines social benefits as cash transfers paid to specific individuals and/or households to mitigate the effect of social risk. PBE IPSAS 21 – This version is effective for reporting periods beginning on or after 1 Jan 2021 (early adoption permitted) Date of issue: Sep 2014 Date compiled to: 31 Jan 2020 (excludes PBE IFRS 9 and PBE IPSAS 41) Download. There is no equivalent financial reporting standard under NZ IFRS. 0000005117 00000 n 0000013420 00000 n Prescribes the accounting treatment of revenue arising from non-exchange transactions. PBE IPSAS 34-38 (relating to separate and consolidated financial statements, associates, joint ventures, joint arrangements and disclosure of interests in other entities), PBE IPSAS 39 Employee Benefits and new financial reporting amendments are already applicable for interim periods and financial years ending 31 December 2019. Need more information? The say that we deal with the initial adjustments as a revaluation under IAS 16/PBE IPSAS 17 (see IAS 8, paragraph 17 and PBE IPSAS 3, paragraph 22), and they also clarify that the usual requirements for … 0000054153 00000 n PBE IPSAS 23: 4 Dec 2013: Revenue from Non-Exchange Transactions: Revenue from Non-Exchange Transactions - 4 December 2013 - Transition to the New Public Benefit Entity (PBE) Accounting Standards for the Public Sector. An entity analyses all stipulations contained in transfer agreements to determine if it incurs a liability when it accepts transferred resources. March 2007– Revised IAS 23 Borrowing Coststhat eliminated the option of immediate recognition of borrowing costs as an expense. 0000064654 00000 n 0000011839 00000 n PBE IPSAS 26 Impairment of Cash-Generating Assets. IPSAS 23 should be read in the context of its objective, the Basis for Conclusions, and the “Preface to International Public Sector Accounting Standards”. Accordingly, this Standard neither prohibits nor requires capitalization of the costs recognized when a provision is made. 0000006625 00000 n Published: Nov 06, 2020. PBE IPSAS 29 Financial Instruments: Recognition and Measurement. 2020 Handbook of International Public Sector Accounting Pronouncements. 0000053163 00000 n PBE IPSAS 34-38 (relating to separate and consolidated financial statements, associates, joint ventures, joint arrangements and disclosure of interests in other entities), PBE IPSAS 39 Employee Benefits and new financial reporting amendments are already applicable for financial years ending 30 June 2020. This alert contains a full list of the new standards applicable to PBEs. 0000015554 00000 n 0000006467 00000 n This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. Specific examples include state retirement benefits, disability benefits, income support and unemployment benefits. 0000019296 00000 n 0000015040 00000 n However, New Zealand is currently considering proposals to have two sets of accounting standards: one set to be applied by entities with a for-profit objective; and another set to be applied by entities with a public benefit objective. December 22, 2020. fruit tree) and the agricultural produce growing on it (e.g. 0000053328 00000 n PBE IPSAS 23 Revenue from Non-Exchange Transactions In recognising revenue from non-exchange transactions, an entity shall recognise the asset and revenue only to the extent that a liability is not also recognised. This alert contains a full list of the new standards applicable to PBEs. 0000017000 00000 n n/a: IPSAS 25: Leistungen an Arbeitnehmer (ersetzt) IAS 19: IPSAS 26: Wertminderung Zahlungsmittel generierender Vermögenswerte. 0000014482 00000 n PBE IPSAS 30 Financial Instruments: Disclosures. PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets 32 PBE IPSAS 20 Related Party Disclosures 34 PBE IPSAS 21 Impairment of Non … REVENUE FROM NON-EXCHANGE TRANSACTIONS 17 PBE IPSAS 23 agreement is not a transfer agreement, but a contract for an exchange transaction that should be accounted for under PBE IPSAS 9. PBE IPSAS 23.107(a),(b) PBE IPSAS 9.39(a) Revenue: The specific accounting policies for significant revenue items are explained below. Previous Versions. The “Preface to International Public Sector Accounting Standards” issued by the International Public Sector Accounting Standards Board (IPSASB) explains that Government Business Enterprises (GBEs) apply International Financial Reporting Standards (IFRSs) which are issued by the International . 0000018297 00000 n IFAC Publishes Training Materials to Support IPSAS Implementation. March 2007 – Revised IAS 23 Borrowing Costs that eliminated the option of immediate recognition of borrowing costs as an expense. Some Standards, such as PBE IPSAS 23 Revenue from Non-Exchange Contracts, contain guidance specific to NFP PBEs. In a non-exchange transaction, an entity either … 0000055577 00000 n A liability is recognised only to the extent that the present obligations have not been satisfied. As the New Zealand … 0000007728 00000 n … PBE IPSAS 11 Construction Contracts 23 PBE IPSAS 12 Inventories 24 PBE IPSAS 13 Leases 25 PBE IPSAS 14 Events After the Reporting Date 27 PBE IPSAS 16 Investment Property 28 PBE IPSAS 17 Property, Plant and Equipment 30 Contents. CURRENT EDITION. 0000054317 00000 n PBE IPSAS 23 prescribes the financial reporting requirements for revenue arising from non-exchange transactions. 0000013262 00000 n 0000004892 00000 n 0000011366 00000 n 0000011998 00000 n 0000055248 00000 n 0000055467 00000 n However, the reference to PBE IPSAS 23 does open The explicit accounting treatment for the donation or the possibility of the gain not being recognised NZ IAS 16 NZ15.1-2 subsidy received is contained within PBE IPSAS 23 immediately in surplus or deficit. PBE IPSAS 31 Intangible Assets. (PBE IPSAS 23) Issued May 2013 This Standard was issued by the New Zealand Accounting Standards Board of the External Reporting Board pursuant to section 24(1)(a) of the Financial Reporting Act 1993. 0000015475 00000 n This funding is restricted in its use for the purpose of CSE meeting the objectives specified in its founding legislation and the scope of the relevant appropriations of the funder. 0000008043 00000 n 0000065142 00000 n 0000053603 00000 n Additional material: IPSAS 23 IPSASB BC (Handbook of IPSAS Pronouncements) External Resource. Current | English. 0000016584 00000 n 0000054043 00000 n If the bearer plant is not mature, in some cases this could distort earnings because the combined asset (including the bearer pla… 0000013898 00000 n 0000009625 00000 n 0000013103 00000 n 0000010575 00000 n PBE IPSAS 23.107(a),(b) PBE IPSAS 9.39(a) Revenue: The specific accounting policies for significant revenue items are explained below. However, New Zealand is currently considering proposals to have two sets of accounting standards: one set to be applied by entities with a for-profit objective; and another set to be applied by entities with a public benefit … The Secretariat may use transitional provisions for non-exchange revenue in order to achieve compliance with IPSAS 23. 0000053713 00000 n Current | English | ISBN 978-1-60815-451-7 . 0000017414 00000 n December 10, 2020. 0000006024 00000 n 0000008991 00000 n 0000012314 00000 n We can help you find what you need in just a few simple steps. The following standard and exposure draft are based on cash accounting. 0000005455 00000 n The application of this standard affected the Group’s accounting for funding and grants revenue. PBE IPSAS 39 Employee Benefits PBE IPSAS 39 Employee Benefits replaces the current standard on employee benefits, PBE IPSAS 25. © 2020 We will use an example (Parish A) to translate the requirements of the standard into easily understood examples through this article. 0000053273 00000 n An entity that qualifies for the exemption in paragraph 23 of PBE IPSAS 36 not to apply the equity method to its investment in an associate or a joint venture shall prepare a performance report in accordance with PBE IPSAS 34. Presentation Presentation should be ‘gross’ as the receipt of the wage subsidy and payment of salary are two separate transactions. 0000053548 00000 n 4.4 If an entity has an interest in a joint arrangement it shall prepare a performance report in which it accounts for that interest in accordance with the requirements in PBE IPSAS 37 Joint … 0000005645 00000 n These issues are not addressed in this Standard. Definitions . Presentation Presentation should be ‘gross’ as the receipt of the wage subsidy and payment of salary are two separate transactions. 0000055030 00000 n apples). 0000010891 00000 n 0000053438 00000 n This alert contains a full list of the new standards applicable to PBEs. 0000007098 00000 n 0000012946 00000 n IPSAS 23, Revenue from non-exchange transactions (taxes and transfers) UN-2. … 0000015191 00000 n Due to the difficulty in classifying revenue as either an … 0000015601 00000 n 0000011682 00000 n Published: Jul 30, 2020. 0000013738 00000 n 2020 Handbook of International Public Sector Accounting Pronouncements. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. UN-2. News. 2623 0 obj <> endobj pdf. PBE IPSAS 23.107(a),(b) PBE IPSAS 9.39(a) The specific accounting policies for significant revenue items are explained below: Funding from the Crown CSE is primarily funded from the Crown. External Reporting Board. 0000008516 00000 n If your entity is involved in receiving high-volume low-value second hand goods-in-kind for resale or for distribution free of charge, a recent amendment to … 0000012155 00000 n 0000064930 00000 n These PBE amendments mean that NZ IFRS, as they apply to public sector entities, are similar to IPSAS. 1 PBE IPSAS 30 PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 30 FINANCIAL INSTRUMENTS: DISCLOSURES (PBE IPSAS 30) Issued September 2014 and incorporates amendments to 30 November 2020 other than consequential amendments resulting from early adoption of PBE IFRS 9 Financial Instruments, PBE IPSAS 41 Financial Instruments, PBE IFRS 17 Insurance … IPSAS 23 (Revenue from Non-Exchange Transactions) UN-2. 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