'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.
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.
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