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.

Related content

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.

Australian Reporting Updates

Reporting Updates are KPMG's way of communicating changes occurring within the Australian financial reporting environment to our clients.

Read more

Financial Reporting & Accounting Standards

Financial Reporting & Accounting Standards

KPMG has extensive experience in applying accounting standards, both Australian accounting standards and IFRS, to a range of transactions.

Connect with us


Request for proposal



KPMG's new digital platform

KPMG's new digital platform