Introduction & Overview
Income recognition requirements for many not-for-profit (NFP) entities will change from 1 January 2019 as the AASB 1058 Income of Not-for-Profit Entities will come into effect. This is a must attend workshop for NFP professionals to know more about issues that are set to shake up the NFP accounting landscape in Australia.
The workshop will begin with exploring some pressing challenges in NFP entities and how accounting professionals can assist in addressing those challenges. This session will go through various new requirements introduced by AASB 1058 standard and other related new standards. Delegates will get an overview of how to effectively interpret accounting standards.
Further, this workshop will go through a step by step process for preparers and auditors to follow and to declutter financial reports and understand recent proposals around the abolition of Special-Purpose Financial Statements (SPFS). A series of examples and case studies will be used to illustrate how current practices are changing.
Participants are expected to leave with an understanding of a step by step process preparers can follow to declutter financial reports. Delegates will receive comprehensive set of notes and a series of examples and case studies will be used to illustrate how current practices are changing.
This seminar will cover the following topics:
- NFP professionals in financial reporting
- AASB 1058 Income of Not-for-Profit Entities
- Scope and objective of AASB 1058
- Recognition and measurement of an asset
- Accounting for volunteer services
- Accounting for peppercorn leases
- Accounting for donations
- Accounting for multi-year cash grant
- Dealing with enforceable agreements
- New disclosure requirements
- recent developments focused on replacing Special-Purpose Financial Statements (SPFS)
- Decluttering financial statements
- The future of Special Purpose Financial Reports
All accounting professionals working in the not-for-profit entities.