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Tertiary education institutions

Model Financial Statements: Tutuki Tertiary Institute 2016

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 tertiary education institutions (TEIs) who use the public benefit entity (PBE) accounting standards for Tier 1 and Tier 2 entities.

New focus

The 2016 update to the model financial statements focuses on improving the presentation and disclosure of financial statements. 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 evolving good practice, such as merging accounting policies into the relevant notes and improving disclosures of judgements, estimates, and uncertainties.

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

The reporting obligations of TEIs and their subsidiaries, including multi-parent subsidiaries, have been clarified recently through amendments to the Crown Entities Act 2004 and Education Act 1989. These amendments were effective from 28 October 2016. The financial statements included in this model reflect the updated legislation as it applies to TEIs. Subsidiaries and multi-parent subsidiaries of TEIs will need to carefully consider these legislative changes to determine how their reporting obligations have been affected.

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

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

Page last updated: 20 December 2016