AASB concludes Post-implementation Review of certain Not-for-Profit topics

Friday, October 17, 2025

The AASB has concluded its Post-Implementation Review (PIR) of certain Not-for-Profit (NFP) topics, finding that the requirements are generally working as intended.

In November 2022, the AASB issued ITC 51 Post-implementation Review of Not-for-Profit Topics – Control, Structured Entities, Related Party Disclosures and Basis of Preparation of Special Purpose Financial Statements to assess the effectiveness and ongoing appropriateness of these requirements for NFP entities.

ITC 51 focused on:

• control and consolidation for NFP entities;
• the definition of a structured entity for NFP entities;
• related party disclosures by NFP public sector entities; and
• disclosures in special purpose financial statements regarding compliance with Australian Accounting Standards.

The Feedback Statement concludes the PIR, summarising key stakeholder feedback and outlining the Board’s decisions.

At this stage, the Board decided not to propose any amendments to AASB 10 Consolidated Financial Statements, AASB 12 Disclosure of Interests in Other Entities, AASB 124 Related Party Disclosures, or AASB 1054 Australian Additional Disclosures in respect of the requirements considered in the PIR.

Instead, the AASB will continue to monitor domestic and international projects as well as undertake further research to ensure that any potential future amendments are informed by additional evidence and stakeholder feedback.