AASB Exposure Draft ED 318 Illustrative Examples for Income of Not-for-Profit Entities and Right-of-Use Assets arising under Concessionary Leases

Tuesday, January 25, 2022

ED 318 proposes amendments to illustrative examples for income of not-for-profit entities in AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities in response to stakeholder feedback following the implementation of these Standards.

ED 318 proposes amendments to:

The amendments are proposed to apply to annual periods beginning on or after 1 July 2022.

The Basis for Conclusions also documents the AASB’s proposed intention to retain the accounting policy choice in AASB 16 Leases  for not-for-profit private sector lessees to elect to initially measure a class of concessionary right-of-use assets at cost or fair value.

Please submit your comments to the AASB by 11 March 2022, via the AASB website or email.

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