The numbering convention is as follows: AASB 1 – AASB 17 represents Australian Accounting Standards issued by the AASB that are equivalent to the IFRS issued by the IASB. NFPs – More examples of ‘sufficiently specific’ performance obligations under AASB 15. 2 0 obj HcR�5AM�s�*�|� �G�?������j�������A#�qBʀH�@ a]�����aG})� IFRS 16 offers a range of transition options. To assist the NFP sector in applying AASB 15 principles, particularly in circumstances where a for-profit perspective does not readily translate to a NFP perspective, the AASB has added NFP application guidance and illustrative examples as an appendix to AASB 15. trailer Defined terms Page 30 B. For more information on: • assessing if a contract is, or contains, a lease, see paragraphs B9–B31 of AASB 16 • the identification of lease arrangements, see IFRS 16 Illustrative Examples 1 – 10. AASB Australian Accounting Standards that are issued by the Australian Accounting Standards Board (AASB). These Illustrative Examples accompany IFRS 16 Leases (issued January 2016; see separate booklet) and is published by the International Accounting Standards Board (IASB). Below is the index of all IFRS calculation examples available on IFRScommunity.com that come with an illustrative excel file: IFRS 2 excel examples: share-based payment with … Illustrative Australian Company’s financial report for 31 December 2019 (and 30 June 2020) Complying with Australian Accounting Standards – Reduced Disclosure Requirements . They illustrate aspects of AASB 1054 but are not intended to provide interpretative guidance. Receive a rent rebate for 2 years due to downturn in economy. AVailable on the AASB website. Illustrative examples. Technical. All the paragraphs have equal authority. AASB 2016-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities [AASB 9 & AASB 15] The AASB has also issued accompanying extensive application guidance and a wide range of illustrative examples to assist NFP entities in applying these new requirements. They illustrate aspects of AASB 1054 but are not intended to provide interpretative guidance. No . The AASB has also issued accompanying extensive application guidance and a wide range of illustrative examples to assist NFP entities in applying these new requirements. h�b```f``���d03�3 ?P��90 F4�w��ӀԇYZl�/�����W�*Lv�e���%j�g15P_if�hw��1m�Ўz���ì�E5��$i,�h��,�뮩���Tl;Np�r=Х�W�T��p�B�S+'�1�A�'*9mu�� d�оs���+wΜ=sfye����g�;s���r���gj� �O�O����H�� Uɝ�5"�2�1?4�,&�I��-Id�g8.Ć,�ӻC��)�$9�Gh3��!��P!� a��� Illustrative Examples The examples accompany, but are not part of, AASB 132. These include example financial statements and other Australian-specific resources for public companies, as well as illustrative guidance and disclosure checklists for International Financial Reporting Standards (IFRS ® Standards) reporting. AASB 1059 applies to arrangements involving an operator providing public services related to a service concession asset on behalf of a public-sector grantor for a specified period of time and managing at least some of those services. 0000003040 00000 n Guidance for AASB 1058 - Income of not-for-profit entities 4 2.4 Which standard will apply Step 1 NFP entities should first determine whether a transaction is a contract with a customer under AASB 15. Paragraphs in bold type state the main principles. H�H ,W�]���԰h�����f�t���Ų��]W,�O����c��~)�ۢ������o�YΕ> xref Implementation guidance and illustrative examples’ section of AASB 2019-4. <<4A978B913F1C3948B0DAABB3A997B78A>]/Prev 241187>> They illustrate: the partial exemption for government-related entities; and how the definition of a related party would apply in specified circumstances. The new income recognition requirements represent a major step taken by the AASB towards financial reporting that aims to … An entity shall apply those amendments when it applies AASB 13. How to identify ‘sufficiently specific’ performance obligations when assessing whether AASB 15 or AASB 1058 applies. Residual amount of $400* for maintenance in scope of AASB 15. Example A—acquisition of real estate FATAL-FLAW REVIEW VERSION COMMENTS DUE FRIDAY 8 NOVEMBER 2019 AASB 2019-X 4 PREFACE Preface Standards amended by AASB 2019-X This Standard makes amendments to the Australian Illustrative Examples for Not-for-Profit Entities accompanying AASB 15 Revenue from Contracts with Customers (December 2014). Lease modification examples. endobj In the examples, references to ‘financial statements’ relate to the individual, separate or consolidated financial statements. .a)���k�-:�eHa��2O~D�9��>ѽ)@6���. [~/�C�3�x��]ф:xbl�:�H��o��A)�#|'���&��m��D�t ���#��?�#�L���bj��ݡ�;3�ҟ�L�㡽����S�-�S)L8Sc. Australian Accounting Standards Board (AASB) 16 Leases (AASB 16) removes the distinction between operating and finance leases for lessees and requires the recognition of a right-of-use (ROU) asset and lease liability on the balance sheet for most leasing arrangements. 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