The new accounting standards AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-profit Entities become effective for accounting periods commencing on or after 1 January 2019.
These accounting standards are set to bring about some significant changes to the revenue and income recognition practices of not-for-profit (NFP) entities.
AASB 15 changes revenue recognition from the current “transfer of risks and rewards” model to a “transfer of control” model.
AASB 1058 is expected to more closely reflect the economic reality of the underlying transaction and will replace the vast majority of AASB 1004 Contributions. To some extent, AASB 1058 was developed by the Australian Accounting Standards Board to address some of the inadequacies of AASB 1004 in addressing some of the income characteristics unique to the NFP sector.
This upcoming live online chat provides you with an opportunity to ask questions of our experts about the new accounting standards on revenue and income recognition.
Post your questions to be addressed by our experts:
- Jeff Tulk – Partner, Saward Dawson
- Peter Shields – Partner, Saward Dawson
- Ram Subramanian – Policy Adviser – Reporting, CPA Australia
Sign up below for an email reminder. This acts as your registration.
Date: 19 July 2017
Time: 12 noon (Melbourne, Australia time)
On the day of the chat come back to this page and scroll down to the embedded live chat box. This box will display the questions and answers when the chat commences.
An online chat is not a webinar, it is a text-based online forum where you read the questions posted and read the answers that we provide. There is no audio and no visual presentation.