Completed
Date

Tuesday 20 November 2018

Time

12:00 pm

Duration

1.5 CDP hours

Session Topic

A not-for-profit focus on AASBs 15 and AASB 1058

AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-profit Entities went live on 1 January. NFPs have two revenue standards to contend with and understand which one is relevant can be challenging. Compared with existing revenue-recognition rules, they are complex.  The new standards require preparation of detailed accounting policies for different revenue-recognition contracts and for assets received for significantly less than fair value.

The session will consider such issues as:

  • Whether an NFP is a principal or agent in a contact
  • System changes to identify and measure performance obligations
  • Whether the performance obligations are sufficiently specific,
  • The how-to of capturing contracts costs, and disclosures.
  • It will also describe what NFP preparers need to do to implement the standards.

Participants’ queries will be sought in advance and addressed.

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This session is presented by:

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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients. Carmen is the co-author of ‘Understanding and Implementing the Reduced Disclosure Regime’. Carmen is serving her third three-year term as a member of the AASB.