Tier 1 and Tier 2 PBE entities required to provide a Statement of Service Performance from 2021
The New Zealand Accounting Standards Board (NZASB) has issued PBE FRS 48 Service Performance Reporting effective for periods beginning on or after 1 January 2021, with early application permitted.
This Standard establishes new requirements for Tier 1 and Tier 2 public benefit entities (PBEs) to select and present service performance information as this is considered an important part of accountability of PBEs.
Tier 1 and Tier 2 PBEs will need to provide users with:
- Sufficient contextual information to understand why the entity exists, what it intends to achieve in broad terms over the medium to long term, and how it goes about this; and
- Information about what the entity has done during the reporting period in working towards its broader aims and objectives.
The standard establishes high level requirements so as to be suitable for a wide range of entities. The standard also requires disclosures about judgements made by a PBE in applying the standard
For more on the above, please contact your local BDO representative.