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Affecting all entities, significant changes are proposed to the presentation and disclosure in financial statements by Exposure Draft ED 298 General Presentation and Disclosure. You are invited to provide your feedback on defining new subtotals, including ‘operating profit’, as well as requiring more rigorous disclosure of ‘management performance measures’, also known as ‘non-IFRS financial information’, in a single note to the audited financial statements.
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For governments that prepare whole of government general purpose financial statements and General Government Sector (GGS) financial statements, recent changes have been made to the disclosure requirements for GFS measures of key fiscal aggregates and related GAAP/GFS Reconciliations. Read More

AASB 16 Leases and AASB 1049 Whole of Government and General Government Sector Financial Reporting were amended in respect of not-for-profit lessees’ right-of-use assets arising under concessionary leases Read More

Are you a not-for-profit entity with December year-end that receives research grants? If so, you will now have an option to apply the Revenue and Income Standards (ie AASB 15 and AASB 1058) to research grants for annual reporting periods beginning on or after 1 July 2019, instead of 1 January 2019. This provides you with an extended implementation period for research grants only. Refer to AASB 2019-6 Amendments to Australian Accounting Standards Research Grants and Not-for-Profit Entities for more details.
AASB 2019-6 also includes amendments to Illustrative Examples accompanying AASB 15. Read More

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