ED 291 proposes 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:
(1) the primary objective to provide goods or services for community or social benefit, and
(2) the provision of any equity is to support that objective rather than for a financial return to equity holders.
Please submit your comments to the AASB by 9 September 2019 via the AASB website here.