New income recognition rules for NFP entities
The timing and amount of income recognised by NFP entities is changing - are you ready?
Jun 14Thu 10:30 AM AEST - Thu 11:30 AM AEST Online
- $180.00 incl. GST
- PD hours: 1
The AASN has recently replaced the problematic AASB 1004 Contributions with two new income recognition standards, AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities.
If a NFP entity can jump two hurdles (i.e. legal enforceability of contracts and sufficiently specific performance obligations, the NFP entity should apply AASB 15 to determine the timing and amount of income recognised. However, if the NFP entity cannot jump these two hurdles they have to apply AASB 1058.
This webinar will provide a high level overview of the new requirements of AASB 15 and AASB 1058 in relation to the recognition of income, and by using case studies and detailed worked examples, we will demonstrate:
- The complexity of determining the appropriate accounting standard, i.e. AASB 15 or AASB 1058, including a decision tree and additional guidance
- The requirements and practical implications of applying AASB 15, including journal entries
- The requirements and practical implications of applying AASB 1058 , including journal entries.
Webinar Learning Outcomes:
- Explain the criteria to consider when selecting the appropriate accounting standard to apply, i.e. AASB 15 or AASB 1058
- Explain the requirements of AASB 15 as and when they apply to NFP entities, including the preparation of the relevant journal entries
- Explain the requirements of AASB 1058 as and when they apply to NFP entities, including the preparation of the relevant journal entries
- All NFP organisations, since the income recognition rules for all NFP organisations are changing. Examples are NFP entities who receive government grants, donations, bequests
- Consultants and tax practitioners that provide advice to NFP entities
- Preparers and auditors of financial reports of ANFP organisations
- Finance teams, including CFOs at NFP entities.
Aletta Boshoff is a Partner & National Leader, for IFRS Advisory at BDO Australia. She has over 25 years’ experience in financial reporting and accounting, including IFRS. Aletta prides herself on her technical excellence, approachability, and the ability to solve problems practically. Aletta loves accounting and accounting standards, but she is also of the view that it's only when you try and apply that knowledge that you are really challenged and that it is only then that you fully appreciate the nuances of IFRS.
In particular, Aletta takes great pride in her ability to apply a wealth of technical expertise to real-world business situations. She works hard to ensure she is working with her clients, involving them at every step of the journey. She helps them to understand how she came to a recommendation, so that they can test any assumptions she has made and together they can come to the best IFRS solution possible.
Your webinar purchase includes:
- the PowerPoint slide deck as a PDF workbook
- any supporting documentation required
- access to stream the Webinar Recording multiple times for up to 6 months
- an opportunity to participate in Q&A
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