I know we will all be working hard to make our dreams for our Zoo come true. 1811 0 obj <>stream 26.75 KB. PBE IFRS 9 Financial Instruments , an interim standard which will be superseded by .Z�q'@F�,d����u�UZ�xy��� 0 PBE IPSAS 17 uses “fair value” to value assets. There are consequential amendments to PBE IPSAS 13, PBE IPSAS 16, PBE IPSAS 26 and PBE IPSAS 32. All the paragraphs have equal authority. IPSAS 17 and PBE IPSAS 27 relating to Bearer Plants) 1 January 2018 2016 Omnibus Amendments to PBE Standards Amends PBE IPSAS 17 to require bearer plants to be accounted for as property, plant and equipment and included within the scope of PBE IPSAS 17 Property, Plant and Equpment instead of PBE IPSAS 27 Agriculture. 1797 15 External Reporting Board. If an entity is using the Reduced Disclosure Regime (Tier 2), key management personnel compensation is not required by category (see paragraph RDR 17.1). Some preparers of financial statements mistakenly apply these requirements ‘by analogy’ to animals (using sheep as an example), on the basis that: 1. Sheep are used in the production of agricultu… startxref M0$¤�$��L�*� D��le�e@M��Ќ�Pw���� �M@�+��!���s�],n0�tv@�$w�\��h�Nz����]Hs��nu΂o to PBE Standards Amending PBE IPSAS 17 Property, Plant and Equipment and PBE IPSAS 27 Agriculture was done to permit the recognition of bearer plants under PBE IPSAS 17 and agricultural produce under PBE IPSAS 27, and in making this change permitting the change to be made on a … 1797 0 obj <> endobj The International Public Sector Accounting Standards Board® (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS®, international accrual-based accounting standards, for use by governments and other public sector entities around the world. Tier 3 standard permits you to use current rateable or government valuation; Revaluing assets will cause an increase or decrease in valuation accounting entry. PBE IPSAS 17 Property, Plant and Equipment. This is equivalent to the bearer plants amendments made to NZ IAS 16 and NZ IAS 41 in 2014. 2017 Amendments to XRB A1 That is, they are used in the production or supply of agricultural produce, they are expected to bear produce for more than one period, and there is a remote likelihood of selling the plant itself as agricultural produce. 0000001300 00000 n … ,6h�|mҬ��Fu�)N=@%�D��J7�h�Q� 2e���$ ��L~�� P� International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements.These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Amending PBE IPSAS 17 Property, Plant and Equipment and PBE IPSAS 27 Agriculture was done to permit the recognition of bearer plants under PBE IPSAS 17 and agricultural produce under PBE IPSAS 27, and in making this change permitting the change to be made on a retrospective basis. © 2020 17: Paragraph 17, NZ IAS 24 Related party disclosures and paragraphs 34 and 35, PBE IPSAS 20 Related party disclosures. PBE IPSAS 17: 4 Dec 2013: Property, Plant and Equipment: Property, Plant and Equipment - 4 December 2013 - Transition to the New Public Benefit Entity (PBE) Accounting Standards for the Public Sector. The produce growing on bearer plants remains within the scope of PBE IPSAS 27. This guidance is similar to that in NZ IAS 16 but has been revised to reflect recent guidance from … 0000001852 00000 n Guidelines and the New Zealand International Accounting Standard(s) PBE IPSAS 17 Property, Plantpmentand Equi including: a) The asset revaluation model will be used, as described in paragraphs 44 – 58 of Accounting Standards BE IPSAS 17. 0000002042 00000 n PBE IPSAS 23 Revenue from Non-Exchange Transactions. The amendments amend the scope of PBE IPSAS 21 Impairment of Non-Cash-Generating Assets and PBE IPSAS 26 Impairment of Cash-Generating Assets to include assets measured at revalued amounts under the revaluation model in PBE IPSAS 17 Property, Plant and Equipment and PBE IPSAS 31 Intangible Assets (“revalued assets”). I know we will all be working hard to make our dreams our. And NZ IAS 16 and NZ IAS 24 Related party disclosures to that in IAS..., the produce on the plants is still required to be recorded in other comprehensive revenue or.... 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