Relief proposed for Tier 1 and Tier 2 Not-for-profits

As a result of the ongoing operational and financial disruptions caused by COVID-19 the New Zealand Accounting Standards Board (NZASB) is proposing to defer the effective date of PBE FRS 48 Service Performance Reporting (PBE FRS 48) by one year, from 1 January 2021 to 1 January 2022.

The NZASB has issued exposure draft ED 2020-1 Proposed 2020 Amendments to PBE FRS 48 to provide impacted Tier 1 and Tier 2 not-for-profit entities with more time to successfully implement the requirements of the standard.

PBE FRS 48 sets out the requirements for not-for-profit entities in relation to the selection and presentation of service performance information for annual financial reporting purposes in order to better meet users needs.

PBE FRS 48 remains available for early adoption.

Comments on the exposure draft are due in to the NZASB by 10 August 2020.

For more on the above, please contact your local BDO representative.