articles: Local

How will IFRS 15 Revenue from Contracts with Customers impact the Local Government sector?

The International Accounting Standards Board (IASB) published IFRS 15 Revenue from Contracts with Customers in May 2014 effective for reporting periods commencing on or after 1 January 2019 for not-for-profit entities in Australia. During December 2016 the Australian Accounting Standards Board also released AASB 1058 Income of Not-for-profit Entities effective for the same date as IFRS 15. There has been considerable debate as to how these two new accounting standards interact with each other and also the likely impacts.