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Model Financial Statements for a Tier 3 entity

Information on the new public benefit entity accounting standards

Our updated series of model financial statements have been prepared to comply with the new Public Benefit Entity (PBE) accounting standards. We provide model financial statements to help reduce the compliance costs to entities of preparing financial statements to conform with generally accepted accounting practice. We have prepared our models to fully reflect presentation and disclosure requirements of the standards. The models do not represent audit requirements.

An entity might choose not to present or disclose items required by the standards, depending on its circumstances and its consideration of what’s important to its financial statement users. Using our model financial statements does not remove the need or responsibility for governors and managers of entities to fully consider the disclosures made in the financial statements.

Debate continues about the volume of disclosures and the readability of financial statements. We are currently considering the approaches taken by entities to address these. During 2016, we plan to release an update to one of our model financial statements that reflects current thinking and practice.

Here are model financial statements for the council-controlled organisations for the year ended 30 June 2015 (PDF, 21 pages, 601kB), prepared in accordance with the new Tier 3 PBE accounting standards.

While these model financial statements are designed for small council‑controlled organisations, public sector public benefit entities in other sectors that apply the Tier 3 standard will also find the model financial statements useful.

You are welcome to download a PDF copy from the link on the right-hand side of this page.

Page last updated: 24 March 2016.