International PBE Accounting Standards

Public Benefit Entity (PBE) Standards are primarily based on International Public Sector Accounting Standards (IPSASs). 

The process set out below shows how the NZASB develops and issues PBE (covering both Not-for-profit & Public Sector) Standards for Tier 1 PBEs based on the International Public Sector Accounting Standards Board (IPSASB) pronouncements.  This is linked to the IPSASB’s international process for issuing IPSASs.

Although the IPSASB’s international due process is an important aspect of the overall standard setting process in New Zealand and is relied on by the NZASB, this process also focuses on the steps the NZASB takes when issuing pronouncements for PBEs based on IPSASB pronouncements.

You can read this in conjunction with the commentary on Process 2 in the following document:

The steps in the diagram below refer to the steps in the commentary in EG A2.

Flowchart showing the accounting standard setting process