13RU-006 Budgetary Reporting: new requirements for NFPs in the GGS

13RU-006 Budgetary Reporting: new requirements for NFPs

This Reporting Update summarises the requirements of AASB 1055 Budgetary Reporting.


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Key points

  • Not for profit entities in the general government sector (GGS) now required to explain variances between budgets presented to Parliament and actual outcomes.
  • Applies to annual reporting periods beginning on or after 1 July 2014.
  • Budgetary reporting requirements for whole of government and GGS within AASB 1049 have been relocated to AASB 1055.
  • Competitive budgetary information not required.

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