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Revenue and income standards for not-for-profit entities – Webinar
Revenue and income standards for NFPs – Webinar
Watch a recording of our webinar held on 20 November 2018 which outlines practical considerations in implementing the income for not-for-profit entities standard and guidance contained in AASB 1058 and AASB 15, as well as a short snapshot video from KPMG Partner Kim Heng.
Webinar outline
Revenue and income recognition is set to change for not-for-profit entities for financial years beginning on or after 1 January 2019. While the for-profit sector is already busy applying AASB 15 Revenue from contracts with customers, the new not-for-profit income standard, AASB 1058 Income of not-for-profit entities and AASB 15 become effective for the not-for-profit sector from 1 January 2019. Our experience has been that close consideration of contracts and other documentation to obtain a sound understanding of the specific facts and circumstances is raising a number of implementation issues in applying the new requirements.
Application of the new revenue and income guidance to not-for-profit transactions will not be straight forward. Judgement will be required and interpretation of the standard is still evolving.
This webinar outlines practical considerations in implementing the income for not-for-profit entities standard and guidance contained in AASB 1058 and AASB 15, including:
- providing a decision tree to guide when to apply which standard
- considering criteria that need to be assessed in determining which standard to apply, and whether income is recognised immediately, over time or at a point in time
- interaction of the revenue and income guidance with the new leases standard, AASB 16 and the new financial instruments standard AASB 9
- transition considerations and ongoing disclosures.
Presentation slides
View a copy of the slide presentation from the webinar.
