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.
AASB 2015-7 is effective for annual reporting periods beginning on or after 1 July 2016, and may be early adopted.
Reporting Updates are KPMG's way of communicating changes occurring within the Australian financial reporting environment to our clients.
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