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18 Dec. 2019

Amendments to AASB 15 and AASB 1058 – Research Grants and Not-for-Profit Entities

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.

This Standard applies to annual periods beginning on or after 1 January 2019, which is the mandatory effective date (application date) of AASB 15 and AASB 1058 for not-for-profit entities. Early application is permitted.