CA ANZ has supported the NZASB’s proposals to defer the effective date of PBE FRS 48 Service Performance Reporting (PBE FRS 48) by one year. Given that many Tier 1 and Tier 2 PBEs are being impacted by COVID -19 related issues, this deferral will provide them with the time they need to implement this new standard. However, it will still allow those PBEs that are still in a position to implement it come the original effective date to early adopt.
The submission also reiterates our view that service performance information is important for users of PBE financial reports and that the PBE FRS 48 provides valuable principles and requirements that guide an entity when presenting this information. As the economy recovers from COVID-19 the role of service performance information to inform stakeholders, and bring a better understanding of service performance delivered by the sector, will take on a renewed importance.