Carmen Ridley, a Member of GAAP Consulting Network and a former member of the Australian Accounting Standards Board, provided an overview of the new Simplified Disclosures Accounting Standard that applies to Not-for-Profits for annual reporting periods beginning on or after 1 July 2021, with early application permitted.

Webinar summary

On 31 March 2021, Aidan Smith HLB Mann Judd Head of Not-For-Profit hosted our annual Not-for-Profit Financial Reporting session with speaker Carmen Ridley.

This webinar covers:

  • The new Simplified Disclosures Accounting Standard
  • AASB 15 Revenue from Contracts with Customers
  • AASB 1058 Income of Not-for-Profit Entities
  • AASB 16 Leases

Key Takeaways

  • AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities applies to NFPs for annual reporting periods beginning on or after 1 July 2021.  Early adoption is permitted.
  • For many NFPs we are now in year two of applying AASB 15 Revenue from Contracts with Customers, AASB 1058 Income of Not-for-Profit Entities and AASB 16 Leases.  These standards are not set and forget and continued focus is necessary by finance teams especially around new funding and customer contracts; new revenue sources; and lease reassessments and modifications.
  • New best practice financial report disclosures have been released by the ACNC and should be considered for your next year end.

Download Resources:

Click here to download the slides.

We are here to help:

HLB Mann Judd can assist you and your organisation with any questions you have regarding AASB15, 1058 and 16 please contact Head of Clients & Markets, Kim Kelloway to discuss on 02 9020 4285 or at kkelloway@hlbnsw.com.au.