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5 Sep. 2018

New Amending Standard AASB 2018-4: Implementation Guidance for Not-for-Profit Public Sector Licensors

This Amending Standard provides clarity for not-for-profit (NFP) public sector licensors around the application of Australian Accounting Standards for the revenue from licences they issue.

AASB 2018-4 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Public Sector Licensors includes Australian Implementation Guidance and illustrative examples to AASB 15 Revenue from Contracts with Customers to provide:

  • guidance to distinguish a licence from a tax
  • clarification on the application of AASB 15 for revenue from ‘non-intellectual property’ licences 
  • practical recognition exemptions for short-term or low-value licences issued by NFP public sector licensors.

The Standard also amends AASB 16 Leases to clarify its scope. 

AASB 2018-4 applies to annual periods beginning on or after 1 January 2019, aligned with the application date of AASB 15 for NFP entities. Earlier application is permitted.