New AASB Staff Paper – Modifications to Australian Accounting Standards for NFP Entities

Preparers and auditors of not-for-profit financial statements now have the opportunity to better understand the extent and rationale to which Australian-specific modifications have been made to IFRS Standards, following the release by the AASB of a staff paper on ‘Modifications to Australian Accounting Standards for Not-for-Profit Entities.’

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.

To view the Paper, visit the AASB website.

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