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.
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
- 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.
Click here to download the slides.
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