Many not-for-profits, including charities, have a 31 December reporting date. NFPs have specific requirements under accounting standards. They will be affected by AASB 15 Revenue for Contracts with Customers (and its NFP appendix), the new AASB 1058 Income for Not-for-profit entities and revised AASB 1004 Contributions. This session for preparers and auditors will:
- Identify the ACNC activities and reports relevant to governance, preparers and auditors •
- Look at NFP financial-reporting issues for 31 December, and
- Discuss implementation steps for NFP aspects of AASB 15 and AASB 1058.