Model Financial Statements: Crown Service Enterprise 2023/24

Here is our 2024 update to the model financial statements for Crown entities using the public benefit entity (PBE) accounting standards for Tier 1 and Tier 2 entities.

The purpose of the model financial statements is to provide a comprehensive range of accounting
policies and disclosures to help guide Crown entities in preparing financial statements that comply with the PBE accounting requirements.

Changes to the model financial statements

This is the first update to the Crown Entity model financial statements that applies PBE IPSAS 41 Financial Instruments. As Crown entities were required to transition to this standard for reporting periods beginning on or after 1 January 2022 (e.g. year to 30 June 2023), the transition impact disclosures are not required for 2024 and have not been included in this model. The requirements of PBE IPSAS 41 are similar to those in PBE IFRS 9 Financial Instruments, which was adopted early by many Crown entities in 2019 for consistency with the Financial Statements of the Government.

The other main updates to the model financial statements since we previously published them in full in 2019 are described on page 6. However, several of the changes have been communicated in our 2021 and 2022 commentaries on reporting by Crown entities.

Page updated: 22 August 2024