Skip to content. | Skip to navigation.

Navigation

Model Financial Statements: Te Motu District Council 2020/21

Here is our 2021 update to the model financial statements for local authorities, using the public benefit entity (PBE) Accounting Standards.

The model financial statements, including certain legislative disclosure requirements of the Local Government Act 2002, the Local Government (Rating) Act 2002, and the Local Government (Financial Reporting and Prudence) Regulations 2014, are only part of what local authorities are required to include in their annual report.

You are welcome to download a PDF copy from the link on the right-hand side of this page.

Changes to the model financial statements

Our focus for the 2021 update was to be forward looking to support Councils in the adoption of PBE IPSAS 41 Financial Instruments. The mandatory adoption date for PBE IPSAS 41 is for the 30 June 2023 financial statements. We have elected to early adopt this standard in the 30 June 2021 model so that Councils can see some of the impacts of this new standard before they are required to adopt

Other updates include:

  • the new requirement from the Local Government (Rating of Whenua Māori) Amendment Act 2021 to disclose the amount of rates written off; and
  • recent changes in other PBE Accounting Standards that were required to be applied in the prior year. In particular, the group-related accounting standards PBE IPSAS 34 to PBE IPSAS 38, and PBE IPSAS 39 Employee Benefits.

Page 6 and 7 of the model financial statements highlights the main updates since they were previously published in 2017.

We welcome any feedback on the application of these model financial statements to local authorities, or any other comments, that may help with future updates of the model financial statements.

Three waters reform

The model financial statements do not reflect the three waters reforms. We intend to include further information on the three water reforms in Appendix 2 of the model at a later date.

Page created: 20 August 2021