AASB staff will present on the Exposure Draft proposing amendments to the Standards to replace the existing definition of a not-for-profit entity with a substantive definition and add implementation guidance. The proposed definition has two interdependent parts:
- the primary objective to provide goods or services for community or social benefit, and
- the provision of any equity is to support that objective rather than for a financial return to equity holders.
The ED also proposes various key indicators to assist in determining whether an entity meets the definition of a NFP entity. In addition to discussing the details of the proposals, staff will also cover the illustrative examples in the proposed Implementation Guidance.
The webinar is scheduled for Tuesday 27 August 2019, from noon AEST. To register click here.