Tier 3 and Tier 4 Public Benefit Entities – it’s time to have your say

The External Reporting Board (XRB) has recently launched consultations on the Tier 3 and Tier 4 Public Benefit Entities (both Not-for-Profit and Public Sector) reporting standards.

The XRB is proposing changes to the existing reporting requirements for Tier 3 and Tier 4 entities to assist entities to be more transparent and accountable in their annual financial reporting. The proposals have come about as a result of the XRB's 2020 consultation of the sector to assess where improvements to the Tier 3 and Tier 4 reporting standards could be made.

The XRB is proposing amendments to improve the Tier 3 Standards by adding additional guidance and options for certain transactions and to reduce the length and complexity of the Tier 4 Standards.

Details of the consultations and  proposed changes can be found on the XRB’s website here.

The XRB will also be running “Deep Dive” interactive sessions on the proposed changes that are free to attend, although registration is required. The Deep Dive sessions are as follows:

  • Tier 3 Not-for-Profit – 14 June 2022 – register here
  • Tier 3 and 4 Public Sector Reporting Standards – 15 June 2022 – register here

The consultation period closes on 30 September 2022, and we urge all Tier 3 and Tier 4 reporters to consider the proposals and provide feedback to the XRB.

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

This publication has been carefully prepared, but is general commentary only. This publication is not legal or financial advice and should not be relied upon as such. The information in this publication is subject to change at any time and therefore we give no assurance or warranty that the information is current when read. The publication cannot be relied upon to cover any specific situation and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact the BDO member firms in New Zealand to discuss these matters in the context of your particular circumstances.
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