Preparers and auditors of not-for-profit financial statements can refer to an AASB guide to better understand the extent and rationale of modifications made to Australian Accounting Standards for entities in the NFP private and public sectors.
As part of its transaction neutrality policy, the AASB uses IFRS Standards as a starting base in developing Standards for NFP Entities, such as charities and public sector entities, and where necessary, modifies IFRS Standards to address user needs and NFP specific issues which would cause undue cost or effort in application.
This publication enables preparers and auditors of NFP financial statements to understand:
- the existing modifications to IFRS Standards and other Australian Accounting Standards for NFP entities; and
- the AASB’s rationale for the modifications.
To view the AASB guide, click here