Public Benefit Entities – Amending standard issued

Approved Budget (Amendments to PBE IPSAS 1)

We have issued an amending standard that applies to Tier 1 and Tier 2 public benefit entities—both not-for-profit and public sector entities.

The use of the term “approved budget” in PBE IPSAS 1 Presentation of Financial Statements has caused some confusion in practice. This amending standard amends PBE IPSAS 1 by removing the reference to the term “approved budget” and now refers to the existing comparative requirements in PBE IPSAS 1.  

This amending standard also specifies where entities may present comparisons between prospective and historical financial statements.  

  • Public sector entities may present this either on the face of the financial statements or as a separate statement.
  • Not-for-profit entities may present this either on the face of the financial statements, in a separate statement or in the notes to the financial statements.

The amending standard is effective for annual periods beginning on or after 1 January 2018 with early application permitted.

PDF file icon Approved Budget (Amendments to PBE IPSAS 1)