Accounting for income of not-for-profit entities

Accounting for income of not-for-profit entities

Watch a recording of our webinar held on 21 February 2017 for an introduction to the changes to income recognition requirements that will apply to not-for-profit (NFP) entities for years beginning 1 January 2019, with early adoption permitted.

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Brave new world

These rules sit in a new standard called AASB 1058 Income of Not-For-Profit Entities and a Not-for-Profit Entities Guidance to AASB 15 Revenue from Contracts with Customers.

AASB 1058 applies to transactions where the consideration paid to acquire an asset is significantly less than the fair value of that asset, principally for the NFP entity to achieve its objectives.

Webinar outline

  • An overview of the new recognition and measurement requirements for income and related amounts contained in AASB 1058 Income of Not-For-Profit Entities
  • Changes for NFP entities in applying AASB 15 Revenue from Contracts with Customers under Appendix F Australian Implementation Guidance for Not-for-Profit Entities
  • Interaction of the new income recognition requirements with other standards such as AASB 9 Financial Instruments and AASB 16 Leases
  • Implementation considerations and challenges.

Presentation slides

View a copy of the slide presentation from the webinar.

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