New Zealand provides more clarity around standard setting for ‘public benefit entities’

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The New Zealand External Reporting Board (XRB) has released a new policy paper that provides a ‘development principle’ as to how standards should be set for the public benefit entities (PBEs) including public sector entities and not for profit entities. The paper builds on the existing guidance in the New Zealand Accounting Standards Framework and outlines more detail about how competing developments will be considered in setting so-called ‘PBE Standards’, which are primarily based on International Public Sector Accounting Standards (IPSAS).

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