Model Annual Report (Kiwi Park School)
These model financial statements are provided to demonstrate how schools should prepare financial statements that will comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS).
The Kiwi Park Model Annual Report is provided by the Ministry of Education to demonstrate how schools should prepare financial statements that will comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS).
All public and private sector entities in New Zealand, including state and state integrated schools, are required to utilise NZ IFRS for annual financial reporting.
Model annual report
These model financial statements are based on a fictitious school called 'Kiwi Park'. The models provide a template for boards to follow and illustrate the required content and suggested presentation of annual financial statements prepared in accordance with NZ IFRS.
Model financial statements
Two models are available to download, one for boards that qualify for Differential reporting (over 98% of schools) and one for boards that do not (Non-Differential).
Boards that do not qualify for differential reporting are defined as those that meet any two of the following three criteria:
- Total revenue (including teacher salaries) is more than $20,000,000;
- Total assets of more than $10,000,000; and
- More than 50 full time equivalent paid employees.
If your school meets two of these criteria use the Kiwi Park School model for schools which do not qualify for differential reporting (Non-Differential).
Access the models
Use the hyperlinks below to download the following files for your required size of school:
- Annual Report (Word document)
- Financial Statements (Excel spreadsheet)
Other guidance
The Ministry has developed guidance and technical information on a number of related topics to assist schools to prepare their financial statements. This guidance can be accessed from www.minedu.govt.nz/finances