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Model financial statements: Ministry of Public Accountability 2016/17

Audit New Zealand’s model financial statements highlight our latest thinking on meeting financial reporting and legislative requirements, and providing essential information to users of financial statements.

These model financial statements have been developed for government departments who use the public benefit entity (PBE) accounting requirements for Tier 1 and Tier 2 entities. While these model financial statements are designed specifically for government departments, entities in other sectors using the PBE accounting standards may also find these useful.

New focus

This 2017 update to the model financial statements focuses on improving the presentation and disclosure of the financial statements to improve communication to the readers. Recently, a number of private and public sector organisations have made significant changes to the presentation of their financial statements to improve communication to readers. In this model, we have applied some of this evolving good practice, such as merging accounting policies into the relevant notes and improving disclosures of judgements, estimates, and uncertainties.

We encourage government departments to consider how they can improve their financial statements, with a view to clear communication to the readers.

You are welcome to download a copy of the model financial statements.

We welcome any feedback on the application of this model to government departments, or any other comments, that may help with future updates of the model financial statements.

Page created: 11 July 2017