Agribusiness, food & beverage Home
Bite Size Dealtracker
Food, Beverage & Agribusiness industry insights
Key insights for the Australian Food, Beverage & Agribusiness industry.
Consumer products & retail Home
GNC Group Consulting
The Technology Trap: Online innovation in retail
I recently attended the NRF Retail Big Show in New York, an overwhelming smorgasbord of retail technology and new store concepts.
Royal Commission wrap up
Top 10 things for Financial Services providers
Eleven months on from the first round of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne’s final report has been released.
Health & aged care Home
Aged Care Royal Commission
Setting the tone for the Aged Care Royal Commission
Last week’s hearings for the Royal Commission into Aged Care Quality and Safety, introduced the leaders of some of Australia’s peak bodies, unions, consumer organisations and the Secretary to the Department, Glenys Beauchamp. In all 26 witnesses were called.
Life sciences Home
Biotechnology Industry Position survey
Australia's biotechnology industry drives economic growth
The 2019 Biotechnology Industry Position survey conducted by Ausbiotech and supported by Grant Thornton has revealed that new technologies across regenerative medicine and medicinal cannabis are disrupting the industry, and Australia's global strength in clinical trials continues to drive contributions to the economic and social fabric of the country.
Manufacturing Home
mid-sized business report
Manufacturing is critical to our economy – how can we support the sector?
Although the knock-on effects of the Australian automotive industry exiting our country are yet to be fully understood, the industry is evolving, and manufacturing continues to be a major employer and critical to our overall economy.
Not for Profit Home
NATIONAL OUTCOMES MEASUREMENT PROGRAM
A practical framework
Royal Commissions and federal budgets are critical things for Nonprofit human service providers to be thinking about at this point in time.
Real estate & construction Home
mid-sized business report
Supporting affordable housing requires planning, certainty – and tax reform
There is a lot of noise around the property sector at the moment – and it’s not all positive. Prices are down – but this shouldn’t be a surprise when some markets (namely Sydney & Melbourne) saw unprecedented hikes in recent years.
Scaling-up for Growth
From start-up to scale-up
Navigating the complexities of growth and maintaining previous success is a challenge for all mid-size businesses.
- Income recognition changes – Not for Profits
With the issue of Exposure Draft 260, Income of Not for Profit Entities (ED 260), the Australian Accounting Standards Board (AASB) aims to improve the match between revenues and expenditures.
Replacing the income recognition requirements of AASB 1004, ED 260 applies to grants, donations, taxes and other receipts that are outside the scope of other Accounting Standards and includes guidance assisting NFP entities to apply AASB 15. Exposure Draft 260 is proposed to be effective at January 1 2017, with early adoption permitted.
| AASB 1004 Contributions | ED 260 Income of Not for Profit entities | |
| Scope | Applies when a Not for Profit entity receives a contribution; otherwise known as a ‘non-reciprocal transfer’. | Applies when the agreement with the customer does not contain ‘performance obligations’ and/or is not ‘enforceable’. |
| Recognition criteria – donations and grants | When the ultimate beneficiary is not the grantor there is immediate income recognition as long as the contributions are received or receivable when an entity obtains control or a right over the contribution which has probable economic benefits that will flow to the entity, and the amount can be measured reliably. | Regardless of whether the ultimate beneficiary is the grantor or not, the ultimate beneficiary is able to defer income from donations and grants (as per AASB 15) and only recognise this income as and when performance obligations are satisfied, provided the conditions attached regarding delivery of goods or services are enforceable performance conditions and sufficiently specific. Note, transfers where there is discretion about how the grant or donation is to be used will still be recognised immediately. |
| Recognition criteria – other | Contributions of assets same as above. | Contributions of assets: Criteria are the same as AASB 1004 except for obtaining volunteer services. |
| Measurement | Requires income to be measured at the fair value of the contributions received or receivable. | Assets are measured under AASB 139/9 (financial instruments standard) or at fair value under AASB 13 Other: Volunteer services and transactions with a donation element (e.g. peppercorn $1 leases) recognised as income at fair value. |
