Simplifying income recognition for not-for-profit entities

Download publication Share

During its December 2016 meeting the AASB approved for release:

  • AASB 1058 Income of Not-for-Profit Entities;

  • AASB 2016-7 Amendments to Australian Accounting Standards – Deferral of AASB 15 for Not-for-Profit Entities; and

  • AASB 2016-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities.

AASB 1058 is effective for reporting periods beginning on or after 1 January 2019 (with early application permitted).  The effective date for AASB 15 has also been deferred by one year from annual reporting periods beginning on or after 1 January 2018 to 1 January 2019.

Download the publication to find out more.