AASB defers application of AASB 15 Revenue from Contracts with Customers for not-for-profit entities

At its August 2016 meeting, the Australian Accounting Standards Board (AASB) announced that it had tentatively decided to defer application of the new revenue standard, AASB 15, for not-for-profit entities (NFPs) by one year, including the NFP implementation guidance. This means that the original application date of periods beginning on or after 1 January 2018 will be extended to 1 January 2019.

The reason for the delay is the timing of the release of AASB 10XX Income of Not-for-Profit Entities which will deal with recognition of income that does not fall within the scope of AASB 15.