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Accounting Standards on Income Deferred

At their most recent meeting, the AASB made a number of tentative decisions regarding its draft Standard AASB 10XX Income of Not-for-Profit Entities and implementation guidance for not-for-profit (NFP) entities in relation to AASB 15 Revenue from Contracts with Customers.

This included the decision to defer by one year the effective start date of AASB 15 (including the NFP implementation guidance) and AASB 10XX for public sector NFP entities and private sector NFP entities, from annual reporting periods beginning on or after 1 January 2018 to 1 January 2019.

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