PBE IPSAS 23 Revenue from Non-Exchange Transactions. 0000002327 00000 n • Infrastructure assets are held at fair value less accumulated depreciation and are re-valued on a systematic basis. 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”). Also updates the definition of Bearer Plant – which flows through to PBE IPSAS 27. The amendments are 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. Sheep are used in the production of agricultu… 26.75 KB. (e) A reconciliation of the carrying amount at … 0000001514 00000 n 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. PBE IPSAS 17, PBE IPSAS 27 2016 Omnibus Amendments to PBE Standards PBE IPSAS 17 and PBE IPSAS 27 Changes the scope of PBE IPSAS 17 to include biological assets that meet the definition of bearer plants (e.g., fruit trees). N��x428�1lg{�������nJ3,dxP���C)4�g00 �B)��Ae&����4�.8�08 �Y&��@�y�4��9�z�����o@� � A��9 this year and met or exceeded 17 of the 21 targets we set ourselves for 2016-17. to PBE IPSAS 17 Property, Plant and Equipment for a class of assets, such as buildings, so that it can revalue that class of assets, or an entity may decide to opt up to the financial instruments standards (PBE IPSAS 28 Financial Instruments: Presentation, PBE IPSAS 29 Financial Instruments: Recognition IPSAS 17 should be read in the context of its objective, the Basis for Conclusion and the Preface to International Public Sector Accounting Standards. Property, Plant and Equpment . PBE IPSAS 17 Property, Plant and Equipment. Agricultural produce growing on bearer plants (e.g., fruit growing on a tree) will remain within the scope of PBE IPSAS 27. 2015; amends PBE IPSAS 12 changing ammunition to military inventories, and PBE IPSAS 17 changing specialist military equipment to weapons systems. ,�h^h �r�U�D@��e +)�*��2�m��+���a��;rF���Kz!R�D�D^��\�jŨT�- C�k'�m�N�=�u�_�,��S�qN�9�}+L $�Hp004�I0��QH�H3 ںT��R���谭K>D^�rt���&.cN����.&�h�la���e��Ӳ��*�J.�gB7��G� Some preparers of financial statements mistakenly apply these requirements ‘by analogy’ to animals (using sheep as an example), on the basis that: 1. 0000005802 00000 n .Z�q'@F�,d����u�UZ�xy��� This guidance is similar to that in NZ IAS 16 but has been revised to reflect recent guidance from … Equipment” (IPSAS 17) is set out in paragraphs 1-109 and the Appendix. PBE IPSAS 11: Construction Contracts: PBE IPSAS 12: Inventories: PBE IPSAS 13: Leases: … <]>> PBE IPSAS 17 . revaluation model in accordance with PBE IPSAS 17 Property, Plant and Equipment rather than at fair value with changes in fair value recognised in surplus or deficit under PBE IPSAS 27 Agriculture. 5 Karen Fifield Chief Executive, Wellington Zoo Trust. pdf. PBE IPSAS 1 paragraph 47 states that a specific disclosure requirement in a PBE Standard need not be satisfied if the information is not material. page 12.15 IPSAS 17 Property, Plant and Equipment Item 12.4 Marked-up IPSASs 17 16, 3 and 6 PSC New Delhi November 2004 (Please note: Staff have relocated the paragraph under the title of IPSAS 17 to this separate page and reflected the decision made on equal authority. 0000003969 00000 n There are consequential amendments to PBE IPSAS 13, PBE IPSAS 16, PBE IPSAS 26 and PBE IPSAS 32. Here are some popular pages people are also looking at: Date compiled to: 31 Jan 2020 (excludes PBE IPSAS 41 and PBE IFRS 17), Date compiled to: 31 Jan 2019 (excludes PBE FRS 48). Review of Simple Format Reporting Standards, Recent history of our Accounting Standards' Frameworks, Targeted Review of the Accounting Standards Framework, Convergence with international auditing & assurance standards, Frequently Asked Questions Tier 3 & 4 (NFP), Frequently Asked Questions Tier 1 & 2 (NFP), Description of the auditor's responsibilities, Guidelines for External Participants in XRB Online Meetings. Prescribes the accounting treatment for property, plant and equipment. 17: Paragraph 17, NZ IAS 24 Related party disclosures and paragraphs 34 and 35, PBE IPSAS 20 Related party disclosures. 0000003473 00000 n IPSAS 3, “Accounting Policies, Changes in … Alternatively, 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). PBE IPSAS 17 Property, Plant and Equipment. including PBE FRS 48 Service Performance Reporting, PBE IPSAS 40 PBE Combinations, PBE IPSAS 41 Financial Instruments and PBE IFRS 17 Insurance Contracts (for not-for-profit PBEs only). PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets. The International Public Sector Accounting Standards Board developed this revised IPSAS 17 as a response to the International Accounting Standards Board’s project on Improvement to International Accounting Standards and its own policy to converge public sector accounting standards with private instead of PBE IPSAS 27 . PBE IPSAS 21 Impairment of Non-Cash-Generating Assets. External Reporting Board. Materiality is defined in PBE IPSAS 1 paragraph 7, and in paragraphs 29-30.1 of the PBE framework. PBE IPSAS 17: Property, Plant and Equipment, requires that valuations are carried out with sufficient regularity to ensure that the carrying amount does not differ materially from fair value. © 2020 x�b```b``�a`a``Ne�e@ ^V da�����4�?���Ef�#â���/ohW����ⅥGPS��|f��vY PBE IPSAS 17.88 Movements in Each Class of PPE The financial statements shall disclose, for each class of property, plant and equipment recognised in the financial statements for both the current and prior period. 0000000016 00000 n 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 … 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. pbe ipsas 13.44(b) Total future minimum sublease payments to be received under non-cancellable subleases for office space at balance date are $9.201m (2014 $13.103m). All the paragraphs have equal authority. 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. Not-for-profit Public Sector Prescribes the accounting treatment for property, plant and equipment. Property, Plant and Equipment • Infrastructure assets dominate KCDC’s balance sheet with a 30 June 2016 carrying balance of $1,305m (2015: $1,271m). The Treasury is New Zealand's lead advisor to the Government on economic and financial policy. As we prepare to start 2017-18 I am excited for what we have planned for Wellington Zoo. PBE IFRS 9 Financial Instruments , an interim standard which will be superseded by PBE IPSAS 17. However, the produce on the plants is still required to be accounted for as a biological asset under PBE IPSAS 27. 0000004048 00000 n PBE IPSAS 17 uses “fair value” to value assets. 2017 Amendments to XRB A1 Tier 3 standard permits you to use current rateable or government valuation; Revaluing assets will cause an increase or decrease in valuation accounting entry. x���A 0ð4�)�8��z�� X�M��/��x���C. 1797 0 obj <> endobj 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. is … %PDF-1.4 %���� Following on from common error 2 above, bearer plants are accounted for under NZ IAS 16 (PBE IPSAS 17). Background. are used solely to grow produce, into the scope of PBE IPSAS 17 Property, plant and equipment (and out of the scope of PBE IPSAS 27 Agriculture) so that they are accounted for in the same way as property, plant and equipment. PBE IPSAS 20 Related Party Disclosures. A bearer plant is defined as “a living plant that: • is used in the production or supply of agricultural produce; The last revaluation performed by the District Council was 1 July 2017. The produce growing on bearer plants remains within the scope of PBE IPSAS 27. The future application of these standards to endstream endobj 1810 0 obj <>/Size 1797/Type/XRef>>stream Agriculture. 1797 15 … The International Public Sector Accounting Standards Board (IPSASB) - formerly the Public Sector Committee - of the International Federation of Accountants focuses on the accounting, auditing, and financial reporting needs of national, regional, and local governments, related governmental agencies, and the constituencies they serve. M0$¤�$��L�*� D��le�e@M��Ќ�Pw���� �M@�+��!���s�],n0�tv@�$w�\��h�Nz����]Hs��nuo As described in PBE IPSAS 17 paragraph 54, the increase or decrease will need to be recorded in other comprehensive revenue or expense. PBE IPSAS … 0000002882 00000 n 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. xref 0000001300 00000 n PBE IPSAS 19: 4 Dec 2013: Provisions, Contingent Liabilities and … I know we will all be working hard to make our dreams for our Zoo come true. 0000003718 00000 n 0000001852 00000 n 0 ,6h�|mҬ��Fu�)N=@%�D��J7�h�Q� 2e���$ ��L~�� P� %%EOF 0000005755 00000 n 1811 0 obj <>stream startxref View PBE IPSAS 17 Jan19.pdf from BSA 123 at Our Lady of Fatima University. 18: Paragraph 17, NZ IAS 24 Related party disclosures. PUBLIC BENEFIT ENTITY INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD 17 PROPERTY, PLANT AND EQUIPMENT (PBE IPSAS 17) Issued 43 42: The amount of contractual commitments for the acquisition of property, plant, and equipment is required to be disclosed for each class of asset (PBE IPSAS 17.89(c)). trailer This is equivalent to the bearer plants amendments made to NZ IAS 16 and NZ IAS 41 in 2014. 0000003434 00000 n 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). PBE IPSAS 17 Property, Plant and Equipment PBE IPSAS 17 contains integral guidance on the use of depreciated replacement cost in estimating the fair value of property, plant and equipment. 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