Notice is hereby given, pursuant to the Legislation Act 2019, that the New Zealand Accounting Standards Board of the External Reporting Board has issued PBE Conceptual Framework Update (Amendments to Chapter 3 Qualitative Characteristics and Chapter 5 Elements in General Purpose Financial Reports) (this “Authoritative Notice”).

Authoritative Notice

PBE Conceptual Framework Update (Amendments to Chapter 3 Qualitative Characteristics and Chapter 5 Elements in General Purpose Financial Reports):

• applies to all Tier 1, Tier 2 and Tier 3 public benefit reporting entities and groups, other than where expressly exempted by its terms, the terms of any other approved accounting standard or bylaw;
• is secondary legislation for the purposes of the Legislation Act 2019; and
• is published on 22 August 2024 and takes effect on the 28th day after the date of its publication under the Legislation Act 2019 and commences to apply as set out below.

Commencement and application

The accounting periods in relation to which this Authoritative Notice commences to apply are:

1. for an early adopter, those accounting periods following and including, the early adoption accounting period.
2. for any other reporting entity, those accounting periods following, and including, the first accounting period for the entity that begins on or after the mandatory date.

early adopter means a reporting entity that applies this Authoritative Notice for an early adoption accounting period

early adoption accounting period means an accounting period of the early adopter:

1. that begins before the mandatory date but has not ended or does not end before this Authoritative Notice takes effect (and to avoid doubt, that period may have begun before this Authoritative Notice takes effect); and
2. for which the early adopter:
   1. first applies this Authoritative Notice in preparing its financial statements; and
   2. discloses in its financial statements for that accounting period that this Authoritative Notice has been applied for that period.

mandatory date means 1 January 2028.

Copies of this Authoritative Notice may be inspected free of charge at the offices of the External Reporting Board (XRB), Level 6, 154 Featherston Street, Wellington. Copies are also available on the XRB’s website at www.xrb.govt.nz.

Dated this 22nd day of August 2024.

CAROLYN CORDERY, Chair, New Zealand Accounting Standards Board.