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:
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.
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.