New Accounting Standards:
- AASB15: Revenue
- AASB 1058: Income of Not-for-profit Entities
- AASB 16: Leases
all apply to NFPs for years ending 31 December 2019 and later years.
The AASB has published, along with the Standards, a number of examples to help us all apply the new Standards.
In response to uncertainty around how to apply some aspects of the new Standards, the AASB has published some staff FAQs, to provide further guidance, especially in relation to:
- When the Standards apply
- Treatment of research grants
- Treatment of non-refundable upfront school fees.
The staff FAQs are published on the AASB website.
Should you have any questions in relation to these Staff FAQs, or any other application of the new Standards, please do not hesitate to speak with your HLB Mann Judd contact.