Accounting for income of not-for-profit entities has received a long-awaited overhaul with the issue of AASB 1058 Income of Not-for-Profit Entities in December 2016.
This education session provides a high-level overview of the key requirements of AASB 1058 and how they might apply to you.
Following this session, you will have a good understanding of:
– which transactions are within the scope of AASB 1058;
– how AASB 1058 interacts with other Standards, particularly AASB 15 and AASB 16; and
– which key transition issues to consider when first applying the new requirements.