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.
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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