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AASB Responds to Fair Value Disclosure Concerns

Good news for not-for-profit public sector entities. They will not need to make certain fair value disclosures about property, plant and equipment held for their current service potential.

AASB 13 Fair Value Measurement has been amended and may be early adopted to apply for 30 June 2015 year-ends. The disclosures originally specified by AASB 13 had posed challenges and costs for the not-for-profit public sector where fair value measurement is prevalent and property, plant and equipment is held primarily to meet public service objectives. The AASB concluded that the concerns raised were more than transitional in nature, and that it was appropriate, in this instance, to depart from the requirements of the equivalent international pronouncement.

More information from the AASB can be found here.

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