The May 2012 Accounting Alert from Deloitte (New Zealand) set out the New Zealand External Reporting Board’s (XRB’s) proposal for a two sector, multi-tier framework for financial reporting by New Zealand entities, and summarised the exposure drafts issued to operationalise the framework for for-profit entities.

The XRB has now issued its second package of exposure drafts which covers the accounting standards to be used by public benefit entities (PBEs) in the public sector that fall in tier 1 or 2. Still to come are exposure drafts revising these standards for not-for-profit PBEs (in tiers 1 or 2) and the simple format reporting standards that will apply to tier 3 and 4 PBEs (public sector and not-for-profit).

The alert report on a number of recent developments in financial reporting relevant to New Zealand constituents.

In this issue:

• XRB issues exposure drafts setting out the proposed accounting standards for public benefit entities in the public sector
• FMA guidance
• New publications
• Other topics of interest

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