Government and Not For Profit Accounting Update Part Two

29 May 2020

In part two of the Government and NFP Accounting Update we discuss the transition to the new revenue standards AASB 15 and AASB 1058 by Government and NFP entities.

In this practical accounting update, we will run through the key issues to consider in transitioning to these new accounting standards. The focus will be on:

  • Issues arising from adoption AASB 15 Revenue from Contracts with Customers and AASB1058 Income of Not-for-Profit Entities
  • Disclosures required in the full year financial statements on adoption of AASB 15 and AASB1058
  • Potential application issues we are seeing in the practice

Watch Part 1 here:

Part 1: COVID-19 and AASB 16 Update