In this update, AASB Staff have addressed how a NFP school could address which Standard to apply to the different types of upfront fees they charge, as well as how they could consider identifying and recognising performance obligations in accordance with AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities. These additions accompany the existing FAQs addressing the effective date and scope of the new NFP income standards.
To view the AASB EAQ, click here.
