AASB webinar: Income of not-for-profit entities: AASB 15 and AASB 1058 – AASB staff education session

Thursday, March 10, 2022

Due to the popular demand that exceeded capacity of the first webinar held on 2 March 2022, the AASB staff will host another 'encore' webinar on Wednesday, 23 March 2022 from 1:00 pm – 2.30pm AEDT. Click here to register. 

The webinar covers some of the key topics in applying the accounting standards requirements including: 

• considering whether a contract has sufficiently specific performance obligations; 
• principal vs agent considerations; 
• identifying which Standard applies to various types of income of not-for-profit entities; 
• assessment of agreement enforceability; 
• capital grants and grants received in arrears. 

The slide pack can be found here. A recording of the webinar from 2 March is also available on our YouTube channel for those of you who missed it. Watch it here. 

Staff FAQs for not-for-profit (NFP) entities have been updated to include additional flowchart to assist NFP entities in determining the relevant Australian Accounting Standard for their income transactions. 

AASB staff have also prepared a key facts document that provides a high-level overview of the accounting for income of NFP entities.