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.