AASB’s narrow scope revenue project has been completed. What’s next?
The AASB has completed their narrow scope project on income for NFP’s and produced a number of deliverables which may be useful for entities who are looking for additional guidance on this topic:
- Staff FAQ added on the scope of AASB 15 and AASB 1058 – AASB Staff FAQs for Not-for-Profit Entities (updated)
- Additional example added to AASB 15 in relation to the principles used to assess revenue recognition of upfront fees (AASB 2022-3)
- AASB staff webinar providing information regarding some of the common issues raised and guidance in the accounting standards and supporting material (available on the AASB YouTube channel)
- Key facts document providing an overview of the interaction between and requirements of AASB 15 and AASB 1058 (Key facts: Accounting for Income of Not-for-Profit Entities)
In addition, the proposals related to measurement of right-of-use assets arising from concessionary leases were accepted and private sector NFP entities now have a permanent choice to measure these assets at cost or fair value.
Contact your local Bentleys audit and assurance expert for assistance with your financial reporting.
For resources to assist with your year-end tax planning, visit our EOFY portal.
Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.