Financial Reporting series 2021

Each session in the series will be focusing on topics that are expected to be of particular importance for financial reporting in 2021. Webinar 1 (18 March 2021): Removal of special purpose financial reporting Moving from Special Purpose to General Purpose Financial Statements Exempt entities Requirements of AASB 1060 i.e. New tier 2 General Purpose […]

NFP Special Purpose Financial Statements

Not-for-profit entities are required to disclose how they do not comply with the recognition and measurement requirements of the Australian Accounting Standards Introduction Whilst the removal of Special Purpose Financial Statements (SPFS) has yet to impact Not-for-Profit entities (NFPs), the AASB has introduced AASB 2019-4. NFPs preparing SPFS from 30 June 2020 must now disclose […]

Universities – Not-for-Profit revenue recognition

Universities will need to apply the new standards for recognising revenue for the first time in the 2019 financial year. The new standards for recognising revenue for NFP entities are AASB 15 Revenue from Contracts with Customers and AASB 1058 Income for Not-For-Profits. These standards are now in the year of adoption and Universities will […]