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29 Apr. 2020

Staff Paper updated: Modifications to Australian Accounting Standards for Not-for-Profit Entities

Preparers and auditors of not-for-profit (NFP) financial statements can use this updated Staff Paper to better understand the extent and rationale of modifications made to Australian Accounting Standards for entities in the NFP private and public sectors. The updates were made to reflect changes to Standards since May 2017.

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.

This publication enables preparers and auditors of NFP financial statements to understand:
• the existing modifications to IFRS Standards and other Australian Accounting Standards for NFP entities; and
• the AASB’s rationale for the modifications.
It should also assist the transition from IFRS Standards for those first encountering the Australian Financial Reporting Framework for NFPs.