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4 May. 2015

AASB issues new Exposure Draft ED 260 Income of Not-for-Profit Entities

The AASB invites comments on ED 260 Income of Not-for-Profit Entities, which proposes:

(a) guidance to assist not-for-profit entities to apply the principles of AASB 15 Revenue from Contracts with Customers; and

(b) a replacement Standard for AASB 1004 Contributions, including income recognition requirements for donations, grants, taxes and similar transactions.

Comments on ED 260 are requested to the AASB by 14 August 2015.

The AASB will conduct an extensive outreach programme on ED 260, including education sessions and roundtables in Brisbane, Canberra, Melbourne and Sydney in June. More details, including how to register for the events will be available on the AASB website shortly.