Accounting Standard AASB 2022-3 Amendments to Australian Accounting Standards – Illustrative Examples for Not-for-Profit Entities accompanying AASB 15 (Cth)

AASB Standard AASB 2022-3 May 2022

Amendments to Australian Accounting Standards – Illustrative Examples for Not-for-Profit Entities accompanying AASB 15 [AASB 15]

Obtaining a copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au.

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© Commonwealth of Australia 2022

This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission. Requests and enquiries concerning reproduction and rights should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

ISSN 1036-4803

Contents

PREFACE ACCOUNTING STANDARD AASB 2022-3 AMENDMENTS TO AUSTRALIAN ACCOUNTING STANDARDS – ILLUSTRATIVE EXAMPLES FOR NOT-FOR-PROFIT ENTITIES ACCOMPANYING AASB 15

from paragraph OBJECTIVE 1 APPLICATION 2 AMENDMENTS TO AUSTRALIAN ILLUSTRATIVE EXAMPLES FOR NOT-FOR-PROFIT ENTITIES ACCOMPANYING AASB 15 4 COMMENCEMENT OF THE LEGISLATIVE INSTRUMENT 5

BASIS FOR CONCLUSIONS

Australian Accounting Standard AASB 2022-3 Amendments to Australian Accounting Standards – Illustrative Examples for Not-for-Profit Entities accompanying AASB 15 is set out in paragraphs 1 – 5. All the paragraphs have equal authority.

Preface

Standards amended by AASB 2022-3 This Standard makes amendments to the Australian illustrative examples for not-for-profit entities accompanying AASB 15 Revenue from Contracts with Customers (December 2014).

Main features of this Standard

Main requirements This Standard adds Illustrative Example 7A to the examples attached to AASB 15 to clarify the accounting for upfront fees. The amendments do not change the requirements of AASB 15. The amendments are relevant only to not-for-profit entities.