Notice Type
Authorities/Other Agencies of State
Notice Title

Issued Accounting Standard and Revocation: Withdrawal of PBE FRS 46 (Amendments to PBE FRS 47) and Revocation of PBE FRS 46 (Notice No. 160)

Notice is hereby given, pursuant to section 24 of the Financial Reporting Act 2013, that the New Zealand Accounting Standards Board of the External Reporting Board has issued:

  • a standard, Withdrawal of PBE FRS 46 (Amendments to PBE FRS 47); and
  • a revocation, Revocation of PBE FRS 46, which revokes PBE FRS 46 First-time Adoption of PBE Standards by Entities Previously Applying NZ IFRS.

The amended title of PBE FRS 47 is First-time Adoption of PBE Standards.

Withdrawal of PBE FRS 46 (Amendments to PBE FRS 47):

  • applies to all Tier 1 and Tier 2 public benefit reporting entities and groups, other than where expressly exempted by its terms, the terms of any other approved accounting standard or by law;
  • applies to financial statements for annual periods covering periods beginning on or after 1 January 2021, with early application permitted; and
  • is a disallowable instrument for the purposes of the Legislation Act 2012.

Revocation of PBE FRS 46:

  • applies to all Tier 1 and Tier 2 public benefit reporting entities and groups, other than where expressly exempted by its terms, the terms of any other approved accounting standard or by law;
  • applies to financial statements for annual periods covering periods beginning on or after 1 January 2021, with early application permitted; and
  • is a disallowable instrument for the purposes of the Legislation Act 2012.

Copies of the standard may be inspected free of charge at the offices of the External Reporting Board (XRB), Level 7, 50 Manners Street, Wellington. Copies of the standard and revocation are also available on the XRB’s website at www.xrb.govt.nz.

Dated this 20th day of February 2020.

KIMBERLEY CROOK, Chair, New Zealand Accounting Standards Board.