In this edition we draw your attention to ASIC’s recent media release setting out their expectation that entities will be quantifying the impacts of new accounting standards, AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers from 31 December 2016 onwards, and AASB 16 Leases from 31 December 2017 onwards.
For not-for-profit entities (NFPs), we present the highlights of the new standard on income recognition, AASB 1058 Income of Not-for-Profit Entities that could change the way some not-for-profit entities recognise grant and similar income in their financial statements. We also summarise the new reporting requirements for South Australian charities and associations registered with the Australian Charities and Not-for-profits Commission (ACNC).
Lastly, the Australian Accounting Standards Board is seeking comment on proposed changes to reduced disclosure reporting in general purpose financial statements.