719 Definitions . Previous version. MoH population-based revenue for the financial year is recognised based on the funding entitlement for that year. 0000013898 00000 n 0000013738 00000 n PBE IPSAS 21 – This version is effective for … PBE IPSAS 30 Financial Instruments: Disclosures. 0000055140 00000 n MoH population-based revenue: The DHB receives annual funding from the MoH, which is based on population levels within the Te Motu DHB region. May 2008–Improvements to IFRSs June 2014– Consequential amendments from Agriculture: Bearer Plants PBE IPSAS 9 PBE IPSAS 11 PBE IPSAS 23 To third parties Use or return condition No use or return condition Taxes etc ED 70 Revenue with performance obligations ED 71 Revenue without performance obligations Debate shifts from whether the revenue is exchange or non-exchange to whether there is a binding arrangement and a performance obligation. © 2020 0000013420 00000 n PBE IPSAS 23.107(a),(b) PBE IPSAS 9.39(a) Revenue: The specific accounting policies for significant revenue items are explained below. The framework for PBEs is based on International Public Sector Accounting Standards (IPSAS). 0000015878 00000 n 0000012155 00000 n IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) N/A IPSAS 24 Presentation of Budget Information in Financial Statements N/A ED 30 Impairment of Cash-Generating Assets (Exposure Draft) IAS 36 ED 31 Employee Benefits (Exposure Draft) IAS 19 All above standards are based on accrual accounting. apples). As required by … 0000015040 00000 n PBE IPSAS 23 Revenue from Non-Exchange Transactions PBE IPSAS 25 Employee Benefits PBE IPSAS 26 Impairment of Cash-Generating Assets PBE IPSAS 27 Agriculture PBE IPSAS 28 Financial Instruments: Presentation PBE IPSAS 29 Financial Instruments: Recognition and Measurement PBE IPSAS 30 Financial Instruments: Disclosures PBE IPSAS 31 Intangible Assets PBE IPSAS 32 Service … 1 PBE IPSAS 23 PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 23 REVENUE FROM NON-EXCHANGE TRANSACTIONS (PBE IPSAS 23) Issued September 2014 and incorporates amendments to 15 January 2016 This Standard was issued on 11 September 2014 by the New Zealand Accounting Standards Board of the External Reporting Board pursuant to section 12(a) of … 2020 Handbook of International Public Sector Accounting Pronouncements. The … 0000053053 00000 n PBE IPSAS 32 Service … 0000054263 00000 n 2020 Handbook of International Public Sector Accounting Pronouncements. 0000055303 00000 n IPSASB CAG December 2020 Meeting Podcast . IPSAS 23 required to be consumed by the recipient as specified or future economic benefits or service potential must be returned to the transferor. 0000054098 00000 n Presentation Presentation should be ‘gross’ as the receipt of the wage subsidy and payment of salary are two separate transactions. IPSAS 42, Social Benefits, provides guidance on accounting for social benefits expenditure. MoH population-based revenue: The DHB receives annual funding from the MoH, which is based on population levels within the Te Motu DHB region. … IPSAS 5 (May 2000) IAS 23 (Revised December 1993) IPSAS 5 uses different terminology. 0000011050 00000 n Some Standards, such as PBE IPSAS 23 Revenue from Non-Exchange Contracts, contain guidance specific to NFP PBEs. 0 This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. 0000053383 00000 n Disclosure is encouraged but not required and therefore represents best practice Any reference to ‘IAS’, ‘IFRS’, ‘IFRIC’ etc. Where the contract Revenue from Non-Exchange Transactions. IPSAS 41, Financial Instruments, establishes new requirements for classifying, recognizing and measuring financial instruments to replace those in IPSAS 29, Financial Instruments: Recognition and Measurement. 82. This standard is highly relevant to the parishes in our centralized accounting group. PBE IPSAS 21 – This version is effective for reporting periods beginning on or after 1 Jan 2021 (early adoption permitted) Date of issue: Sep 2014 Date compiled to: 31 Jan 2020 (excludes PBE IFRS 9 and PBE IPSAS 41) Download. Some Standards, such as PBE IPSAS 23 Revenue from Non-Exchange Contracts, contain guidance specific to NFP PBEs. This is a standard which prescribes how to account for donated goods and services. March 2007– Revised IAS 23 Borrowing Coststhat eliminated the option of immediate recognition of borrowing costs as an expense. Der neuseeländische Rechnungslegungsrats (External Reporting Board, XRB) und der neuseeländische Standardsetzer New Zealand Accounting Standards Board (NZASB) haben ein Paket von neuen Verlautbarungen herausgegeben, das für nach neuseeländischem Recht definierte "Unternehmen öffentlichen Nutzens" (public benefit entities, PBE), also im Wesentlichen gemeinnützige … Control of an assetarises when the entity can use or otherwise benefit from the asset in pursuit of its objectives, and can exclude or otherwise regulate the access of others to that benefit. PBE IPSAS 28 Financial Instruments: Presentation. 1 PBE IPSAS 17 PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 17 PROPERTY, PLANT AND EQUIPMENT (PBE IPSAS 17) Issued September 2014 and incorporates amendments to 31 January 2020 other than consequential amendments resulting from early adoption of PBE IPSAS 41 Financial Instruments and PBE IFRS 17 Insurance Contracts This Standard was issued … Consequential amendments from IFRS 16 Leases. PBE IPSAS 26 Impairment of Cash-Generating Assets. An interesting standard is PBE IPSAS 23: Revenue from Non-Exchange Transactions. publication of the International Public Sector Accounting Standards Board (IPSASB) of the International Federation of Accountants (IFAC) with the permission of the International Accounting Standards Committee Foundation (IASCF). PBE IPSAS 23 Revenue from Non-Exchange Transactions. Non-Authoritative Amendments to IPSAS 41, Financial Instruments. pdf. 0000007098 00000 n Current | English. 0000065142 00000 n 0000012471 00000 n 0000055194 00000 n 0000005117 00000 n %PDF-1.4 %���� 0000053823 00000 n Non-exchange transactions are those where an entity receives resources and provides no or Currently … 0000053548 00000 n 0000007570 00000 n MoH population-based revenue for the financial year is recognised based on the funding entitlement for that year. 0000010416 00000 n 2623 123 0000010734 00000 n 2623 0 obj <> endobj However, the reference to PBE IPSAS 23 does open The explicit accounting treatment for the donation or the possibility of the gain not being recognised NZ IAS 16 NZ15.1-2 subsidy received is contained within PBE IPSAS 23 immediately in surplus or deficit. PBE IPSAS 34-38 (relating to separate and consolidated financial statements, associates, joint ventures, joint arrangements and disclosure of interests in other entities), PBE IPSAS 39 Employee Benefits and new financial reporting amendments are already applicable for interim periods and financial years ending 31 December 2019. IPSAS 9 260 Accounting Standards Board (IASB). Current | English. PBE IPSAS 23 – This version is effective for … 0000008200 00000 n IAS 36: IPSAS 27: Landwirtschaft. 0000052998 00000 n There are several new financial reporting amendments applicable for periods ending 31 March 2017. 0000006467 00000 n 0000053878 00000 n 0000055248 00000 n PBE IPSAS 23 prescribes the financial reporting requirements for revenue arising from non-exchange transactions. I have tried to simplify some of the technical language, but I would still recommend reading the standard thoroughly to make sure you have included all relevant disclosures. Review of Simple Format Reporting Standards, Recent history of our Accounting Standards' Frameworks, Targeted Review of the Accounting Standards Framework, Convergence with international auditing & assurance standards, Frequently Asked Questions Tier 3 & 4 (NFP), Frequently Asked Questions Tier 1 & 2 (NFP), Description of the auditor's responsibilities, Guidelines for External Participants in XRB Online Meetings. The information below is a summary of paragraphs 39 onwards in PBE IPSAS 9: Revenue from Exchange Transactions and paragraphs 106 onwards in PBE IPSAS 23: Revenue from Non-Exchange Transactions. If the bearer plant is not mature, in some cases this could distort earnings because the combined asset (including the bearer pla… REVENUE FROM EXCHANGE TRANSACTIONS IPSAS 9 260 Accounting Standards Board (IASB). <]>> Accordingly, this Standard neither prohibits nor requires capitalization of the costs recognized when a provision is made. 0000011998 00000 n May 2008 – Improvements to IFRSs June 2014 – Consequential amendments from Agriculture: Bearer … Public sector entities may derive revenues from exchange or non-exchange transactions. This is because PBE IPSAS 23 has no equivalent within NZ IFRS and addresses the accounting treatment of revenue from grants and donations which are very prevalent in the sector. COVID-19: Deferral of Effective Dates. PBE IPSAS 23: Revenue from Non-Exchange Transactions: PBE IPSAS 25: Employee Benefits: PBE IPSAS 26: Impairment of Cash-Generating Assets: PBE IPSAS 27: Agriculture: PBE IPSAS 28: Financial Instruments - Presentation: PBE IPSAS 29 : Financial Instruments - Recognition and Measurement : PBE IPSAS 30: Financial Instruments - Disclosures: PBE IPSAS 31: Intangible Assets: PBE IPSAS 32: … 0000006782 00000 n Under PBE IPSAS 23, income received or receivable from a non-exchange transaction with an associated condition should be initially recognised as a liability and revenue should be recognised (and the liability extinguished) as the condition is met (note that a condition is a requirement that the asset received must be consumed by the recipient as specified or returned to the transferor). xref 4.4 If an entity has an interest in a joint arrangement it shall prepare a performance report in which it accounts for that interest in accordance with the requirements in PBE IPSAS 37 Joint … An entity analyses all stipulations contained in transfer agreements to determine if it incurs a liability when it accepts transferred resources. 0000018785 00000 n Current | English | ISBN 978-1-60815-451-7 . 0000007884 00000 n March 2007 – Revised IAS 23 Borrowing Costs that eliminated the option of immediate recognition of borrowing costs as an expense. PBE IPSAS 11 Construction Contracts 23 PBE IPSAS 12 Inventories 24 PBE IPSAS 13 Leases 25 PBE IPSAS 14 Events After the Reporting Date 27 PBE IPSAS 16 Investment Property 28 PBE IPSAS 17 Property, Plant and Equipment 30 Contents. The “Preface to International Public Sector Accounting Standards” issued by the International Public Sector Accounting Standards Board (IPSASB) explains that Government Business Enterprises (GBEs) apply International Financial Reporting Standards (IFRSs) which are issued by the International . 5. 0000009782 00000 n 0000008359 00000 n Previous Versions. 0000008834 00000 n 0000054866 00000 n PBE IPSAS 23.107(a),(b) PBE IPSAS 9.39(a) Revenue: The specific accounting policies for significant revenue items are explained below. However, New Zealand is currently considering proposals to have two sets of accounting standards: one set to be applied by entities with a for-profit objective; and another set to be applied by entities with a public benefit … This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. fruit tree) and the agricultural produce growing on it (e.g. 0000053163 00000 n PBE IPSAS 31 Intangible Assets. 0000012630 00000 n PBE IPSAS 34-38 (relating to separate and consolidated financial statements, associates, joint ventures, joint arrangements and disclosure of interests in other entities), PBE IPSAS 39 Employee Benefits and new financial reporting amendments are already applicable for financial years ending 30 June 2020. startxref 0000011207 00000 n Published: Dec 10, 2020. 0000053713 00000 n In a non-exchange transaction, an entity either … 0000054481 00000 n PBE IPSAS 23.107(a),(b) PBE IPSAS 9.39(a) The specific accounting policies for significant revenue items are explained below: Funding from the Crown CSE is primarily funded from the Crown. 0000053988 00000 n 0000064930 00000 n 0000053218 00000 n n/a: IPSAS 25: Leistungen an Arbeitnehmer (ersetzt) IAS 19: IPSAS 26: Wertminderung Zahlungsmittel generierender Vermögenswerte. 0000012314 00000 n 0000006024 00000 n IAS 17 Leases, paragraph 27, and PBE IPSAS 13 Leases, paragraph 36, also require that finance leased assets on the books of lessees be depreciated over the shorter of the lease term and useful life. These PBE amendments mean that NZ IFRS, as they apply to public sector entities, are similar to IPSAS. CURRENT EDITION. IPSAS 23 (Revenue from Non-Exchange Transactions) UN-2. We can help you find what you need in just a few simple steps. This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. PBE IPSAS 23 Revenue from Non-Exchange Transactions In recognising revenue from non-exchange transactions, an entity shall recognise the asset and revenue only to the extent that a liability is not also recognised. Disclosure requirements of PBE IPSAS 23 apply. 0000008043 00000 n IAS 41: IPSAS 28 : Finanzinstrumente: Ausweis. UN-2. PBE IPSAS 23.7): Exchange transactions are transactions in which one entity receives assets or services, or has liabilities extinguished, and directly gives approximately equal value (primarily in the form of cash, goods, services, or use of assets) to another entity in exchange. IAS 16, paragraph 56 and PBE IPSAS 17, paragraph 72 (note that, where IAS 16 uses the term “economic benefits”, PBE IPSAS 17 uses the term “economic benefits or service potential”). GBEs … Published: Nov 06, 2020. NZ IAS 16, paragraph 23 (PBE IPSAS 17, paragraph 37) clarifies that ‘cost’ of an item of PPE is the ‘cash price equivalent’ at initial recognition, with the difference being recognised as interest expense over the credit period (or capitalised under NZ IAS 23 (PBE IPSAS 5)). (PBE IPSAS 23) Issued May 2013 This Standard was issued by the New Zealand Accounting Standards Board of the External Reporting Board pursuant to section 24(1)(a) of the Financial Reporting Act 1993. Additional material: IPSAS 23 IPSASB BC (Handbook of IPSAS Pronouncements) External Resource. 0000054208 00000 n 0000014482 00000 n 0000053933 00000 n PBE IPSAS 23.107(a),(b) PBE IPSAS 9.39(a) The specific accounting policies for significant revenue items are explained below: Funding from the Crown CSE is primarily funded from the Crown. 0000054921 00000 n REVENUE FROM NON-EXCHANGE TRANSACTIONS 17 PBE IPSAS 23 agreement is not a transfer agreement, but a contract for an exchange transaction that should be accounted for under PBE IPSAS 9. The new standard: Removes the option to defer the recognition of certain actuarial gains … 0000053658 00000 n 0000008516 00000 n Active Alignment Project Consequential amendments from IFRS 16 Leases. 0000064654 00000 n 0000055030 00000 n Other International Public Sector Accounting Standards specify whether PUBLIC SECTOR expenditures are treated as assets or as expenses. Non-exchange transactions are transactions that are not exchange transactions. We will use an example (Parish A) to translate the requirements of the standard into easily understood examples through this article. These PBE amendments mean that NZ IFRS, as they apply to public sector entities, are similar to IPSAS. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2020. Need more information? Read More . PBE IPSAS 23 should be read in the context of its objective, the NZASB’s Basis for Conclusions on PBE IPSAS 23, the IPSASB’s Basis for Conclusions on IPSAS 23, the Public Benefit Entities’ Conceptual Framework and Standard XRB A1 Application of the Accounting Standards Framework. PBE IPSAS 29 Financial Instruments: Recognition and Measurement. 0000022518 00000 n IPSAS 3, “Accounting Policies, Changes in Accounting Estimates and Errors” provides a basis for selecting and applying accounting policies in the absence of explicit guidance. 0000005455 00000 n It defines social benefits as cash transfers paid to specific individuals and/or households to mitigate the effect of social risk. adoption of PBE IPSAS 23 Revenue from non-exchange transactions. This alert contains a full list of the new standards applicable to PBEs. Exchange Revenue Disclosures . Die International Public Sector Accounting Standards (IPSAS) sind Rechnungslegungsstandards, die gemäß den Empfehlungen des IPSAS-Board von öffentlichen Einheiten, mit Ausnahme von öffentlichen wirtschaftlich tätigen Unternehmen, anzuwenden sind. 0000054043 00000 n 0000055357 00000 n As such, IAS 8/PBE IPSAS 3 make specific exemptions regarding retrospective restatement of comparatives where an entity decides to change its accounting policy from cost to revaluation. PBE IPSAS 23: 4 Dec 2013: Revenue from Non-Exchange Transactions: Revenue from Non-Exchange Transactions - 4 December 2013 - Transition to the New Public Benefit Entity (PBE) Accounting Standards for the Public Sector. If your entity is involved in receiving high-volume low-value second hand goods-in-kind for resale or for distribution free of charge, a recent amendment to … However, New Zealand is currently considering proposals to have two sets of accounting standards: one set to be applied by entities with a for-profit objective; and another set to be applied by entities with a public benefit objective. PBE IPSAS 23 Revenue from Non-Exchange Transactions In recognising revenue from non-exchange transactions, an entity shall recognise the asset and revenue only to the extent that a liability is not also recognised. Presentation Presentation should be ‘gross’ as the receipt of the wage subsidy and payment of salary are two separate transactions. 0000011366 00000 n 0000007728 00000 n 0000015475 00000 n 0000054701 00000 n 0000019823 00000 n 0000054756 00000 n 0000010098 00000 n 0000005645 00000 n PBE IPSAS 34-38 (relating to separate and consolidated financial statements, associates, joint ventures, joint arrangements and disclosure of interests in other entities), PBE IPSAS 39 Employee Benefits and new financial reporting amendments are already applicable for interim periods ending 30 June 2019. 0000009466 00000 n This funding is restricted in its use for the purpose of CSE meeting the objectives specified in its founding legislation and the scope of the relevant appropriations of the funder. 0000054591 00000 n External Reporting Board. %%EOF IFAC Publishes Training Materials to Support IPSAS Implementation. PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets 32 PBE IPSAS 20 Related Party Disclosures 34 PBE IPSAS 21 Impairment of Non … 0000017906 00000 n An entity that qualifies for the exemption in paragraph 23 of PBE IPSAS 36 not to apply the equity method to its investment in an associate or a joint venture shall prepare a performance report in accordance with PBE IPSAS 34. Additional material: IPSAS 21 IPSASB BC (Handbook of IPSAS Pronouncements) External Resource. … trailer The application of this standard affected the Group’s accounting for funding and grants revenue. 0000016584 00000 n The IPSASB Issues Guidance on Public Sector Specific Financial Instruments. 0000010257 00000 n The say that we deal with the initial adjustments as a revaluation under IAS 16/PBE IPSAS 17 (see IAS 8, paragraph 17 and PBE IPSAS 3, paragraph 22), and they also clarify that the usual requirements for … PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets 32 PBE IPSAS 20 Related Party Disclosures 34 PBE IPSAS 21 Impairment of Non … 0000055577 00000 n 0000006940 00000 n News. 0000053328 00000 n PBE IPSAS 23 – This version is effective for reporting periods beginning on or after 1 Jan 2021 (early adoption permitted) Date of issue: Sep 2014 Date compiled to: 31 Jan 2020 (excludes PBE IFRS 9 and PBE IPSAS 41) Download. These issues are not addressed in this Standard. This alert contains a full list of the new standards applicable to PBEs. 0000017414 00000 n A common error occurs when entities fail to split up the bearer plant (e.g. 0000054317 00000 n 0000055412 00000 n 0000013262 00000 n 0000013103 00000 n Need more information? Donated Goods (Amendments to 2PBE IPSAS 23) 1 Jan 2016 M M M M M M2 2016 Omnibus Amendments to PBE Standards Refer to page 8 for more detail Approved Budget (Amendments to PBE IPSAS 1) 1 Jan 2018 O O O O O O Impairment of Revalued Assets (Amendments to PBE IPSASs 21 and 26) 1 Jan 2019 O O O O O O PBE IPSAS 34 Separate Financial Statements 1 Jan 2019 O O O O O O … 1 PBE IPSAS 30 PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 30 FINANCIAL INSTRUMENTS: DISCLOSURES (PBE IPSAS 30) Issued September 2014 and incorporates amendments to 30 November 2020 other than consequential amendments resulting from early adoption of PBE IFRS 9 Financial Instruments, PBE IPSAS 41 Financial Instruments, PBE IFRS 17 Insurance … CSE considers there are no conditions … … IPSAS 23, Revenue from non-exchange transactions (taxes and transfers) UN-2. IPSAS 41 provides users of financial statements with more useful information than IPSAS 29, by: Applying a single classification and measurement model for financial assets that … 0000055522 00000 n PBE IPSAS 25 Employee Benefits. 0000009941 00000 n 0000053273 00000 n Here are some popular pages people are also looking at: Date compiled to: 31 Jan 2020 (excludes PBE IFRS 9 and PBE IPSAS 41), Date compiled to: 31 Jan 2019 (excludes PBE IFRS 9). Contained in transfer agreements to determine if it incurs a liability when accepts... An example ( Parish a ) to translate the requirements of the costs recognized when a is... 2008–Improvements to IFRSs June 2014– Consequential amendments from IFRS 16 Leases of salary are two separate transactions exposure! Reporting requirements for revenue arising from non-exchange transactions is addressed separately under IPSAS 23 ( Revised December )... 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Neither prohibits nor requires capitalization of the new Standards applicable to PBEs not! The complete International Public Sector accounting Standards... ( PBE ) '.! Costs recognized when a provision is made standard on Employee benefits, disability benefits, support... Ipsas 21 IPSASB BC ( Handbook of IPSAS Pronouncements ) External Resource: Leistungen an Arbeitnehmer ( )! Standards Board ( IASB ) transfer agreements to determine if it incurs a liability recognised. Revenue for the financial reporting amendments applicable for periods ending 31 march 2017 individuals households!, income support and unemployment benefits recognised only to the extent that the obligations. Incurs a liability when it accepts transferred resources the Conceptual Framework for Purpose... Pbe IPSAS 23: Erlöse aus Geschäftsvorfällen ohne Gegenleistung ( Steuern und Transfers ) n/a IPSAS. Contains the complete International Public Sector entities may derive revenues from exchange or non-exchange )... 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