The New Zealand External Reporting Board (XRB) and the New Zealand Accounting Standards Board (NZASB) have issued a package of new pronouncements that will apply to New Zealand public sector ‘public benefit entities’ (PBEs, essentially not for profit entities) from 1 July 2014. The new standards are largely based on International Public Sector Accounting Standards (IPSAS) published by the International Public Sector Accounting Standards Board (IPSASB).