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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.

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Kim Heng

Partner, Audit, Assurance & Risk Consulting

KPMG Australia

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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.

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KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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