XRB clarifies size criteria for Tier 4 PBEs

The External Reporting Board (XRB) has recently issued an amendment to XRB A1 Application of the Accounting Standards Framework to clarify that the size criteria for a public benefit entity (PBE) to report in accordance with Tier 4 PBE Accounting Requirements are based on the total combined operating payments of the entity and its controlled entities.

The amendment is effective for reporting periods beginning on or after 1 January 2018, with early adoption permitted.