Public benefit Entities – Statement of Service Performance Reporting
The External Reporting Board (XRB) has recently issued a staff guidance paper to assist Tier 1 and 2 public benefit entities in applying the requirements of PBE FRS 48 Service Performance Reporting which is effective for annual financial reports beginning on or after 1 January 2022.
Service performance information describes what an organisation has achieved throughout the reporting period to deliver on its broader aims and objectives. Including this information helps to show users of financial reports a more complete picture of what has been achieved over the past year with the resources the entity has available.
PBE FRS 48 establishes principles and high-level requirements for the reporting of service performance information rather than specifying detailed reporting requirements. This allows public benefit entities flexibility in deciding how best to “tell their story” in an appropriate and meaningful way.
The staff guidance paper sets out, at a high level, the requirements in PBE FRS 48 along with planning prompts to determine what information an entity should disclose as well as areas that may require some additional thought about judgements that need to be made that may need to also be disclosed.
The staff guidance paper can be accessed here.
In addition to the staff guidance paper, there is also an easy to read explanatory guide (EG A10) on Service Performance Reporting available here that will be off assistance to Tier 2 entities that need to prepare a Statement of Service Performance.
For more on the above, please contact your local BDO representative.