Notice is hereby given, pursuant to the Legislation Act 2019, that the New Zealand Accounting Standards Board of the External Reporting Board has issued 2024 Omnibus Amendments to PBE Standards (“this amending Standard”).

Standard

2024 Omnibus Amendments to PBE Standards:

• applies to all Tiers 1 and 2 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 24 October 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

This amending Standard amends the Standards PBE IPSAS 1 Presentation of Financial Reports and PBE IAS 12 Income Taxes.

Amendments to PBE IPSAS 1 Presentation of Financial Reports

The accounting periods in relation to which the amendments to PBE IPSAS 1 commence 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 amending Standard 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 amending Standard takes effect (and to avoid doubt, that period may have begun before this amending Standard takes effect); and
2. for which the early adopter:
1. first applies this amending Standard in preparing its financial statements; and
2. discloses in its financial statements for that accounting period that this amending Standard has been applied for that period.

mandatory date means 1 January 2026.

Amendments to PBE IAS 12 Income Taxes

Paragraphs 4A and 88A in the amendments to PBE IAS 12 commence to apply on the 28th day after the date of its publication under the Legislation Act 2019 and for annual reporting periods that have not ended or do not end before that date.

The accounting periods in relation to which the other amendments to PBE IAS 12 commence to apply (except with respect to paragraphs 4A and 88A) are annual reporting periods beginning on or after 1 January 2024 but have not ended or do not end before this amending Standard takes effect.

Copies of this Standard 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 24th day of October 2024.

CAROLYN CORDERY, Chair, New Zealand Accounting Standards Board.