AASB 15 Revenue from Contracts with Customers applies to 31 December year-end NFPs for the first- time. Preparers and auditors have found that the for-profit version of AASB 15 challenging. The NFP version presents a new set of challenges. This session will focus on:
- Steps NFPs need to take to apply AASB 15
- Implementation guidance for not-for-profit entities and for not-for-
- profit public-sector licensors
- Australian illustrative examples
- Issues encountered in implementation
- Key disclosures examples, and
- How the audit is affected.