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13 Jul. 2015

AASB issues disclosure relief for not-for-profit public sector entities

The AASB has issued AASB 2015-7 Amendments to Australian Accounting Standards – Fair Value Disclosures of Not-for-Profit Public Sector Entities.  The Standard is effective for annual reporting periods beginning on or after 1 July 2016, and may be early adopted.

AASB 2015-7 amends AASB 13 Fair Value Measurement to provide disclosure relief to not-for-profit public sector entities from certain disclosures about the fair value measurements of property, plant and equipment held for their current service potential rather than to generate net cash inflows.  This includes relief from disclosures of quantitative information about the significant unobservable inputs used in fair value measurements and of the sensitivity of certain fair value measurements to changes in unobservable inputs. 

Access the media release here.