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15RU-011 Fair value disclosure relief for not-for-profit public sector entities

15RU-011 Fair value disclosure relief public sector NFP

The Australian Accounting Standards Board has issued AASB 2015-7 Amendments to Australian Accounting Standards – Fair Value Disclosures of Not-for-Profit Public Sector Entities which amends AASB 13 Fair Value Measurement to provide relief to not-for-profit public sector entities from certain disclosures about the fair value measurement of property, plant and equipment held for their current service potential rather than to generate net cash inflows.


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AASB 2015-7 is effective for annual reporting periods beginning on or after 1 July 2016, and may be early adopted.

Key points

  • Limited disclosure relief from some fair value disclosures for not-for-profit public sector entities.
  • Disclosure relief relates to property, plant and equipment measured at fair value within Level 3 of fair value hierarchy.
  • Early adoption for 30 June 2015 available.

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