Recorded Webinar: The New Accounting Standards and Not for Profits: Understanding the Key Changes

Accounting requirements for NFPs have changed as a result of the new revenue and leasing standards. With the changes now here, it’s never been more important to consider how these changes will impact your organization. This session examines the reforms and provides practical guidance on what you need to do now to ensure you are ready. This session covers:

• Revenue Recognition - AASB 1058 income of not for profit entities and AASB 15 Revenue from contracts with customers:

  • What are the changes?

  • Deferring the recording of income until associated performance obligations have been met

  • When will there be upfront recognition of grant income, bequests or donations?

  • Balance sheets and assets

  • When can the standards be applied voluntarily?

• Leasing - AASB 16:

  • The new accounting standard on leasing - what it means for the NFP sector

  • Leases on the balance sheet - operating and peppercorn leases

  • Fair value of the assets

  • When will the liability be recognised in the income statement?

  • Should you consider early adoption?

  • Case studies applying the new leasing standard