Tuesday, January 25, 2022
ED 318 proposes amendments to illustrative examples for income of not-for-profit entities in AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities in response to stakeholder feedback following the implementation of these Standards.
ED 318 proposes amendments to:
The amendments are proposed to apply to annual periods beginning on or after 1 July 2022.
The Basis for Conclusions also documents the AASB’s proposed intention to retain the accounting policy choice in AASB 16 Leases for not-for-profit private sector lessees to elect to initially measure a class of concessionary right-of-use assets at cost or fair value.