Not-for-Profit Financial Reporting Framework

This page provides links to the publications and outreach relevant to the AASB's consultation on the development of simplified accounting requirements for smaller not-for-profit private sector entities.

The AASB has published two Exposure Drafts:

• Exposure Draft ED 334 Limiting the Ability of Not-for-Profit Entities to Prepare Special Purpose Financial Statements
• Exposure Draft ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector Tier 3 Entities;

for consultation with a comment period closing on 28 February 2025.

To accompany the consultation on these Exposure Drafts, the AASB has published:

• A summary of the Tier 3 Exposure Draft proposals and the extent of simplification against Tier 2 reporting requirements.
• A key facts document that provides a high-level overview of the Exposure Drafts.

AASB staff is developing a webcast to provide an overview of the key proposals in ED 334 and ED335, which will be provided here in due course.

Stakeholders should refer to Research Report 10 Legislative and Regulatory Financial Reporting Requirements to help with the identification of the entities with financial reporting obligations under Federal and State/Territory requirements that may be affected by the Board's proposals.

• Research Report 10 Legislative and Regulatory Financial Reporting Requirements can be found here.  

Responding to the Exposure Drafts

Stakeholders can provide feedback to the questions in ED 334 and ED 335 during the four-month consultation period using any of the following methods:

• Submitting a comment letter on the AASB website; or
• completing an online survey for: 
  • ED 334, click here to access; or
  • ED 335, click here to access.

Outreach locations and dates

AASB is planning outreach events and will update the details on this page in due course.

Click here to see past events relating to this project.