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11 May. 2017

New AASB Staff Paper: Modifications to Australian Accounting Standards for Not-for-Profit 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 today’s release of AASB Staff Paper: Modifications to Australian Accounting Standards for Not-for-Profit Entities. 

As a result of the findings in AASB Research Report No 4: Review of Adoption of International Financial Reporting Standards in Australia, the AASB is interested in views on what further modifications should be considered for NFP 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 be updated from time-to-time, this Paper will act as an important basis in the review of NFP modifications, and will enable stakeholder to understand the:

  • existing modifications to IFRS Standards for NFP entities
  • AASB’s rationale for the modifications. 

An additional AASB Staff Paper which benchmarks the International Public Sector Accounting Standards (IPSASs) against the Australian Accounting Standards, which aims to identify possible areas for further modification, will be released shortly.