March 16 - 19, 2021 . Issuu company logo. 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 … These PBE amendments mean that NZ IFRS, as they apply to public sector entities, are similar to IPSAS. In May 2017, the XRB issued PBE IPSAS 39 Employee Benefits. February 25, 2021. The accounting standards, specifically PBE IPSAS 17: Property, Plant and Equipment, requires that valuations are carried out with enough regularity to ensure that the carrying amount does not differ materially from its fair value while PBE IPSAS 16: Investment Property, requires the District Council to revalue their assets annually. These standards are based on International Public Sector Accounting Standards (IPSAS). Try. PBE IPSAS 12.15: Inventories held for use in the provision of goods and services on a commercial basis are valued at the lower of cost (using the FIFO method) and net realisable value. Due Process; IPSASB Fact Sheet; IPSASB Work Program; IPSASB Strategy & Work Plan 2019-2023. Issuu company logo. PBE IPSAS 4 This amendment incorporates IFRIC … Close. PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 17 PROPERTY, PLANT AND EQUIPMENT (PBE IPSAS 16.1 KB. 8. pdf. Our people believe in our zoo revolution This practice is already adopted and followed by Council. PBE IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors requires specific disclosures to be made when the adoption of a new or revised PBE Standard results in a change in existing policy or new policy that is significant. The Council plans to apply the new standard in preparing the 30 June 2020 financial statements. Close. In this article I outline the key recognition and measurement requirements outlined in PBE IPSAS 16 Investment Property. Part E: Amendments arising from IASB Amendments, which impacts PBE IAS 12, specifically deductible temporary differences, and PBE IFRS 5, requiring disclosure of the related income tax expense pertaining to the single amount disclosed in the statement of comprehensive income for a … IPSASB Welcomes Findings from Review of Oversight Arrangements. IPSASB Meeting. up to PBE IPSAS 17 Property, Plant and Equipment so that it can revalue a class of assets (in which case it must apply the whole standard). Please note that this standard only applies to Tier 1 and Tier 2 PBEs. 2015/16 | EDUCATION PAYROLL LIMITED | STATEMENT OF PERFORMANCE EXPECTATIONS This statement outlines the performance expectations of Education Payroll Limited (EPL) for the year ending 30 June 2016, covering both service performance and the prospective financial statements This SPE should be read in conjunction with EPL’s 2015-2019 Statement of Intent (SOI) which provides more … PBE IPSAS … The portfolio includes Council administration buildings (including libraries), i-SITE visitor information centres, social housing rental units, some small forestry plantations and a number of other properties (e.g. Executive summary The External Reporting Board (XRB) has introduced a new multi-standard financial reporting framework in New Zealand. PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets 32 PBE IPSAS 20 Related Party Disclosures 34 PBE IPSAS 21 Impairment of Non-Cash-Generating Assets 36 PBE IPSAS 22 Disclosure of Information About the General Government Sector 38 PBE IPSAS 23 Revenue from Non … 2017, the XRB issued PBE IPSAS 39 Employee Benefits. IPSASB Virtual Meeting: March 16-19 and 23, 2021. The proposals in ED NZASB 2016-8 are relevant for Tier 1 and Tier 2 public benefit entities. New PBE Accounting Standards Issued 10. The Council do not expect the impact of this standard to have a material effect on the financial forecasts. June 15 - 18, 2021. November 16, 2020. Accordingly, the AASB uses 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. Trust Chair Report As the Chair of Wellington Zoo Trust I am proud to be associated with a model zoo for the 21st Century. Number of entities affected Impact on affected entities Operational significance Few Low This amendment is narrow in scope and uncontroversial in nature. PBE IPSAS 16: 4 Dec 2013: Investment Property: Investment Property - 4 December 2013 - Transition to the New Public Benefit Entity (PBE) Accounting Standards for the Public Sector. IPSASB Check-In: Virtual Meeting. THE AASB’S APPROACH TO IPSAS 3 Introduction 1 The AASB is required by the Australian Securities and Investments Commission Act 2001 (ASIC Act) s227(1)(d) to participate in and contribute to the development of a single set of accounting standards for world-wide use. Notes this report. PBE IPSAS 16 Investment Property 28 PBE IPSAS 17 Property, Plant and Equipment 30 Contents. The forecast financial statements comply with PBE FRS-42: Prospective Financial Statements. Select PBE IPSAS 1 Presentation of Financial Statements from the menu of Accounting Standards Comments are due to the NZASB by 11 November 2016. Quick Links. • IFRS 16 Leases • IFRS 17 Insurance Contracts. No change required. Title: 2015 16 annual report final, Author: Sport Hawke's Bay, Name: 2015 16 annual report final, Length: 38 pages, Page: 22, Published: 2017-01-12 . PBE IPSAS 39 replaces PBE IPSAS 25 Employee benefits. PBE IPSAS 21 Impairment of Non-Cash-Generating Assets PBE IPSAS 23 Revenue from Non-Exchange Transactions PBE IPSAS 25 Employee Benefits PBE IPSAS … Les IPSAS ont pour but d'améliorer la qualité de l'information financière des entités du secteur public, pour permettre des décisions d'allocation de ressources fondées sur une information plus fiable, et ainsi améliorer la transparence financière et la responsabilité dans ce domaine.. Applicabilité. Treasury:2770835v8 2 NZ IAS 16 (PBE) PBE IPSAS 17 Difference 2 NZ IAS 16 (PBE) contains no disclosure requirements with respect to unrecognised heritage assets. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES In applying the Group’s accounting policies, management continually evaluates judgements, estimates, and assumptions based on experience and other factors, including … PBE IPSAS 12.16: Inventories acquired through non-exchange transactions are measured at fair value at the date of acquisition. PBE IPSAS 39 is effective for annual periods beginning on or after 1 January 2019, with early adoption permitted. PBE IPSAS 5, PBE IPSAS 10, PBE IPSAS 16, Transactions and Advance PBE IPSAS 22, PBE IPSAS 34, This interpretation addresses how to determine the exchange rate PBE IPSAS 36, PBE IPSAS 37, PBE IPSAS 39, PBE IFRS 3, PBE IAS 12, PBE IPSAS 38, PBE IFRS 5, PBE IAS 34, PBE FRS 46 2018 Omnibus Amendments to PBE Standards The following standards are amended by this standard. PBE Accounting Standards (PBE Standards) – Tier 1. There are consequential amendments to PBE IPSAS 13, PBE IPSAS 16, PBE IPSAS 26 and PBE IPSAS 32. compared with PBE IPSAS 29 that are relevant to the University are: ... For further information, refer to the Statement of Service Performance on pages 8 to 16. PBE IPSAS 16 Investment Property Valuations of investment property must be undertaken (or reviewed) by an independent valuer and disclosures about those valuers included in the annual report. Meetings. Title: 2015 16 annual report final, Author: Sport Hawke's Bay, Name: 2015 16 annual report final, Length: 38 pages, Page: 21, Published: 2017-01-12 . I also highlight some of the key differences with the previous generally accepted accounting practice (GAAP) and some important first time adoption choices. PBE IPSAS 3 also requires disclosure of the possible impact of relevant PBE Standards on issue but not yet adopted. PBE IPSAS 16 Investment Property PBE IPSAS 17 Property, Plant and Equipment PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets PBE IPSAS 20 Related Party Disclosures Deloitte NZ PBE Disclosure Checklist 30 June 2015 Page 3. and NZ GAAP as it relates to prospective financial statements. The amendments to PBE IPSAS 17 Property, Plant and Equipment and PBE IPSAS 27 Agriculture are more substantive and reflect the changes made by the International Accounting Standards Board (IASB) in its amending standard Agriculture: Bearer Plants. PBE IPSAS 1 . Delivering Global … View Notes - PBE IPSAS 17 Jan16_184521.1.pdf from ACC 110209 at Massey Auckland. been made to the scope of PBE IPSAS 17 Leases and PBE IPSAS 16 Investment Property. page 12.16 IPSAS 17 Property, Plant and Equipment Item 12.4 Marked-up IPSASs 17 16, 3 and 6 PSC New Delhi November 2004 INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD IPSAS 17 Property, Plant and Equipment The standards, which have been set in bold italic type, should be read in the context of the commentary paragraphs in this Standard, which are in plain type, … PBE IPSAS 39 is effective for annual periods beginning on or after 1 January 2019, with early adoption permitted. Notice is hereby given, pursuant to section 24 of the Financial Reporting Act 2013, that the New Zealand Accounting Standards Board of the External Reporting Board has issued Public Benefit Entity Simple Format Reporting Standard - Cash (Public Sector). Board Meeting | 16 December 2014 Agenda item no. Objectifs. PBE IPSAS 39 replaces PBE IPSAS 25 Employee benefits. 11.1 Open Session Update on IPSAS conversion Recommendation That the Board: i. Unless the entity is involved in agricultural operations, this change will have no impact. IPSAS 16, PBE IPSAS 22, PBE IPSAS 34, PBE IPSAS 36, rate to use on the initial recognition of an asset, revenue or PBE IPSAS 37, PBE IPSAS 39, PBE IFRS 3, PBE IAS 12, PBE IPSAS 38, PBE IFRS 5, PBE IAS 34, PBE FRS 46 2018 Omnibus Amendments to PBE Standards The following standards are amended by this standard. by QV under the PBE IPSAS 16 for investment property assets and PBE IPSAS 17 for all other property assets. Public benefit entities (PBEs) applying PBE Standards D. Pronouncements mandatory for the first time for March 2020 PBE reporters Impairment of revalued assets (amendments to PBE IPSAS 21 and 26) The amendments bring revalued property, plant and equipment and intangible assets within the scope of PBE IPSAS 21 and PBE IPSAS 26. Try. 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