Model Financial Statements: Ministry of Public Accountability 2022/23

Here is our 2023 update to the model financial statements for government departments, prepared under public benefit entity (PBE) Accounting Standards.

The model financial statements, including certain disclosure requirements of the Public Finance Act 1989 and Treasury Instructions, are only part of the material government departments are required to include in their annual report.

Changes to the model financial statements

There have not been a large number of changes since we released the 2021 model and the 2022 financial reporting commentary. Main changes are explained in page 5 of the document, and include updates to reflect the adoption of PBE IPSAS 41 Financial Instruments, which has replaced PBE IFRS 9 Financial Instruments. 

However high the standard of a government department’s external reporting, we hope this is a tool each one can use to identify continual improvements.

We welcome any feedback on the application of these model financial statements to government departments, or any other comments that might help with updating them in future. If you have any feedback or comments, please pass these to your Audit New Zealand Manager or Appointed Auditor.

Page created: 12 September 2023