A financial reporting strategy for New Zealand is laid down by the current New Zealand Accounting Standards Framework (often referred to as the ASF) and sets out which suite of reporting standards and reporting levels apply to which organisations. This requires a multi-standard, multi-tiered strategy.
The table summaries the current accounting standards framework:
Key Definitions:
Public Benefit Entities (PBEs) are reporting entities whose primary objective is to provide goods or services for community or social benefit rather than for a financial return to equity holders. Public sector PBEs are PBEs that are public entities as defined in the Public Audit Act 2001, and all Offices of Parliament.
For-profit entities for financial reporting purposes are reporting entities that are not PBEs.
Not-for-profit (NFP) PBEs are PBEs that are not public sector PBEs (e.g. registered charities)
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