Watch a recording of our webinar held on 21 February 2017 for an introduction to the changes to income recognition requirements that will apply to not-for-profit (NFP) entities for years beginning 1 January 2019, with early adoption permitted.
These rules sit in a new standard called AASB 1058 Income of Not-For-Profit Entities and a Not-for-Profit Entities Guidance to AASB 15 Revenue from Contracts with Customers.
AASB 1058 applies to transactions where the consideration paid to acquire an asset is significantly less than the fair value of that asset, principally for the NFP entity to achieve its objectives.
View a copy of the slide presentation from the webinar.
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