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'Potential accounting changes' triggered in new standards

An accounting network has flagged the potential impact of some new accounting standards’ fine print relating to not-for-profit entities, despite many believing the standards do not apply to their clients or clients’ activities.

'Potential accounting changes' triggered in new standards
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Speaking to Accountants Daily, Nexia Australia technical director, Martin Olde, said NFPs needed to be careful with the new standards, namely AASB 1058 Income of Not-for-Profit Entities, AASB 9 Financial Instruments and AASB 15 Revenue from Contracts with Customers, and AASB 16 Leases.

Read the full article on Accountants Daily.

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