Late last year, HLB Mann Judd Melbourne held a session for our not-for-profit community on the topic of income recognition under the new accounting standards. We drilled down into a topic that seems to cause some confusion being the concept of sufficiently specific performance obligations within NFP funding agreements and contracts.
Based upon attendee feedback as well as enquiries from those that did not attend, we decided to record a brief webinar on this topic.
The webinar is only 13 minutes long. It is a great overview of the topic and includes helpful tips and worked examples. After watching the webinar, if you require further information or guidance, please don’t hesitate to get in touch.
About the webinar
Income of not-for-profit (NFP) entities may be deferred under AASB 15 Revenue from Contracts with Customers if certain requirements, including the concept of sufficiently specific performance obligations, are met. It is this concept which often determines whether accounting treatment for an NFP is under AASB 1058 Income of Not-for-Profit Entities or AASB 15. But what actually constitutes sufficiently specific and how can you build this concept into your funding agreements? This webinar examines examples of funding agreement clauses and helps to distinguish between those that constitute sufficiently specific performance obligations and those that don’t.