Here are a few critical outreach initiatives from the AASB that might be relevant to you:
1. Your chance to influence future AASB projects for NFP entities
The AASB is continuing to run virtual and face-to-face feedback sessions in the first quarter of 2023 for two of their NFP projects:
- Development of Simplified Accounting Requirements (Tier 3) for certain NFP entities
- Post-implementation reviews on NFP topics such as income and control
2. Development of Tier 3 for certain NFP entities
The AASB has released a discussion paper and supporting materials which proposes a third tier of accounting standards for NFP entities – Caseware ran an interactive session on this topic in December but for those of you who weren’t able to attend, the link to the snapshot document providing a summary of the proposals can be accessed here and the AASB survey can be completed here.
Face to face outreach sessions are being held in February in Sydney and Melbourne and virtual sessions will be held in February and March – the registration details are here (https://www.aasb.gov.au/news-events/upcoming-events/).
3. Post-implementation reviews (PIR) on a range of NFP domestic pronouncements
A PIR is the opportunity for the AASB to seek feedback from stakeholders once a pronouncement has been operating for a certain period to conclude on its overall effectiveness, efficiency and appropriateness.
AASB has commenced the PIR process by issuing Invitations to Comment (ITCs) for the following NFP requirements:
- Income of Not-for-Profit Entities – AASB 1058 and Appendix F of AASB 15
- Control and consolidation – Appendix H of AASB 10
- Structured entities – AASB 12
- Disclosures in special purpose financial statements – AASB 1054
- Related party disclosures (public sector only) – AASB 124
The ITC’s include known issues and provide opportunities for feedback on those issues as well as other concerns.
The snapshot document and a survey document for stakeholders can be found here as well as the details of the outreach sessions.
If you have any questions about the content above, you can reach our financial reporting subject matter expert Carmen Ridley via email at firstname.lastname@example.org