Stay up to date with changes in Accounting Standards
The Australian Accounting Standards Board (AASB) is responsible for developing, issuing and maintaining Australian Accounting Standards and related pronouncements. It has clarified and simplified the income recognition requirements that apply to not-for-profit (NFP) entities through the provision of revised standards.
The recent AASB 1058 Income of Not-for-Profit Entities standards, in conjunction with AASB 15 Revenue from Contracts with Customers, supersede all the income recognition requirements relating to private sector NFP entities, and the majority of income recognition requirements relating to public sector NFP entities.
BDO Australia has developed some resources to help you stay up to date with changes to these accounting standards. It has webinars on disclosure of impact, practical issues, the new AASB 1058 standards, as well as e-learning materials on AASB 1058 and AASB 15, and the latest news.