The XRB has amended XRB A1 Application of the Accounting Standards Framework to increase the Public Benefit Entities (public sector and not-for-profit entities) size thresholds for Tiers 1, 2 and 3 as follows:

• Tier 1/2: $33 million total expenses (from $30 million)
• Tier 3: $5 million total expenses (from $2 million)

The effective date of accounting periods that end on or after 28 March 2024 means that entities with a balance date of 31 March 2024 can apply the new tier sizes immediately. As a result, some entities may be eligible to move from Tier 2 to Tier 3 and therefore able to benefit from a notable reduction in reporting requirements.