Current & emerging Not for Profit accounting issues
New major accounting standards have just come into effect. Alongside this, financial reporting framework reforms are currently being undertaken by the AASB. These pose unique challenges to the Not for Profit (NFP) sector.
AASB 1058 Income of Not-for-Profit Entities and AASB 15 Revenue from Contracts with Customers represent a shift in income recognition of NFP entities and will, for some, change the timing of income recognition. Similarly, AASB 16 Leases brings most leases on balance sheets, creating unique accounting issues for NFPs.
To help NFP organisations understand main accounting issues, emerging technical developments and changes, listen to our current & emerging accounting issues in the Not for Profit sector webinar.