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Model Financial Statements for a Tier 3 entity

Information on the public benefit entity accounting standards

Here is the 2019 update to our model financial statements for Tier 3 public sector reporting entities. This model has been prepared using the public benefit entity (PBE) simple format reporting accrual (public sector) standard. While this model is based on a small council-controlled organisation (CCO), other public sector PBEs applying the Tier 3 standard might also find it useful.

The financial statements included in this model are only part of what is required to be included in a CCO’s annual report. Other legislative requirements for a CCO’s annual report are set out in sections 67 to 69 of the Local Government Act 2002. Other entities will need to consider the legislative reporting requirements that apply to their own annual report.

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

Changes since the 2015 model

The main updates to the model since it was last published in 2015 are summarised below. We have elected to early adopt the 2018 Omnibus amendments to Tier 3 and Tier 4 PBE Accounting Requirements in the preparation of this model.

Page numberNote numberDescription of change
General - The previous model included disclosures relating to the transition to the PBE SFR-A (PS) standard, including a separate note outlining the significant restatements arising on transition. We have removed these disclosures, as they are not applicable to subsequent reporting periods.
7, 13 - Entity information and Tier 2 PBE Accounting Standards applied – Updated footnotes to specify the key requirements of the SFR-A (PS) standard when preparing the entity information section and applying Tier 2 PBE Accounting Standards.
8 - Added the date the financial statements were approved and authorised for issue, who gave that authorisation and the relevant signature(s) (A150.2).
This change has arisen due to the early adoption of 2018 Omnibus amendments to Tier 3 and Tier 4 PBE Accounting Requirements. The amendment is mandatory for periods beginning on or after 1 January 2019.
12 - Amended the accounting policies for investments and property, plant, and equipment to reflect the accounting for reversal of impairment.
This change has arisen due to the early adoption of 2018 Omnibus amendments to Tier 3 and Tier 4 PBE Accounting Requirements. The amendment is mandatory for periods beginning on or after 1 January 2019.
22, 20 Notes 24, 17 Correction of prior year error – Note 24 added to illustrate how the disclosure requirements for the correction of errors can be met (A214). Note 17 adjusted to illustrate the correction of an error on the opening accumulated surpluses (A29).

Page last updated: 8 July 2019