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AASB Issues Disclosure Relief for NFP Public Sector Entities

The AASB has issued AASB 2015-7 Amendments to Australian Accounting Standards – Fair Value Disclosures of Not-for-Profit Public Sector Entities. 

The Standard is effective for annual reporting periods beginning on or after 1 July 2016, and may be early adopted. It amends AASB 13 Fair Value Measurement to provide disclosure relief to not-for-profit public sector entities from certain disclosures about the fair value measurements of property, plant and equipment held for their current service potential rather than to generate net cash inflows.

More details can be found here:

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