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Exposure Draft: Not-for-Profit Entity Definition and Guidance

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.

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