Model Financial Statements: Tutuki Tertiary Institute 2021

We have updated the model financial statements for tertiary education institutions (TEIs), using the public benefit entity (PBE) Accounting Requirements for Tier 1 and Tier 2 entities.

The financial statements are only part of what TEIs are required to include in their annual report. The other legislative requirements for TEI annual reporting are set out in section 306 of the Education and Training Act 2020, and Schedule 4 Part 1 of the Crown Entities Act 2004.

Changes to the model financial statements

These model financial statements have been updated to reflect some minor changes in accounting standards, the enactment of the Education and Training Act 2020, and disclosures of Covid-19 impacts.

In preparing this update, we have decided against early adoption of PBE IFRS 9 Financial Instruments or PBE IPSAS 41 Financial Instruments. Application of a new PBE IPSAS 41 financial instruments standard will be mandatory for the reporting period ending 31 December 2022.

For those TEIs that have early adopted PBE IFRS 9, we have provided illustrative disclosures for those financial instrument-related notes, where they are likely to be affected by the amended disclosure requirements of PBE IPSAS 30 Financial Instruments: Disclosures. These are in Appendix 1 of the document.

Page 6 of the model financial statements highlights the main updates since they were previously published in 2019.

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

Page created: 9 February 2022