AASB Issues ED 260 Income of Not-for-Profit Entities

The AASB has invited comments on ED 260 Income of Not-for-Profit Entities, which proposes guidance to assist not-for-profit entities to apply the principles of AASB 15 Revenue from Contracts with Customers, and a replacement Standard for AASB 1004 Contributions, including income recognition requirements for donations, grants, taxes and similar transactions.

The deadline for comments is 14 August 2015 and the AASB intends to conduct an extensive outreach programme on ED 260, including education sessions and roundtables in Brisbane, Canberra, Melbourne and Sydney in June.

For more details visit here

Let us keep you up-to-date

Subscribe to the NFPAS email newsletter to receive not for profit industry news and special updates.