The already complex accounting landscape for Not-for-Profits, is set to change beginning 1 January 2019, with the Accounting Standards Board releasing their new income recognition requirements.

Application of AASB 1058 Income for Not-for-Profit Entities, coincides with new Revenue Accounting Standards, AASB 15 Revenue from Contracts with Customers (AASB 15) and it’s important to this report in conjunction with the Accounting for income and Accounting for Revenue report.

It is important to note that on 24th December 2018, the AASB issued the amending standard for peppercorn leases and the report reflects the changes of AASB 1058.  The requirement for NFPs to fair value their peppercorn leases can now be deferred. The AASB has issued an amending standard that permits NFPs to elect not to apply the fair value requirement and instead disclose the details of the peppercorn leases in their financial statements. This does not mean the leases will not be recognised, but that the right-of-use asset will be valued based on the value of the lease liability.

Accounting for Income >

Accounting for Revenue >


All the Latest From Our Team

Is your Financial Reporting up to standard?

Posted By William Buck News on 11/07/2019 05:07:40 am

The William Buck Financial Reporting series has wrapped up for the year, providing finance professionals with the latest insights to help their business. Covering various…

Read More

Posted By William Buck News on 12/06/2019 05:47:25 am

Within the NFP sector, there have been several new governance regulations introduced. The below articles provide a snapshot into the recent changes and key issues…

Read More
Financial reporting insights

Posted By William Buck News on 12/06/2019 05:47:23 am

Applying standards This year is big for NFPs that report in compliance with accounting standards. The following complex accounting standards apply for annual reporting commencing…

Read More
Not for Profit News- Fraud & NOCLAR, Ethics, Governments & ATO

Posted By William Buck News on 12/06/2019 05:46:39 am

Fraud and NOCLAR What good local government integrity frameworks look like A new 88-page research report shows how several local governments protect themselves against corruption.…

Read More