Federal Register of Legislation
Compiled AASB Standard AASB 1058
Income of Not-for-Profit Entities
This compiled Standard applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026. Earlier application is permitted for annual periods beginning before 1 January 2023. It incorporates relevant amendments made up to and including 15 December 2022.
Prepared on 6 February 2023 by the staff of the Australian Accounting Standards Board.
Compilation no. 5
Compilation date: 31 December 2022
Obtaining copies of Accounting Standards Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
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COPYRIGHT © Commonwealth of Australia 2023 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. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
Contents
ACCOUNTING STANDARD AASB 1058 Income of Not-for-Profit Entities
from paragraph Objective 1 Meeting the objective 3 Scope 7 Recognition and measurement Recognition and measurement of an asset 8 Recognition and measurement of income and related amounts 9 Transfers to enable an entity to acquire or construct a recognisable non-financial asset to be controlled by the entity 15 Volunteer services 18 Disclosure 23 Non-contractual income arising from statutory requirements 28 Transfers to enable an entity to acquire or construct a recognisable non-financial asset to be controlled by the entity 31 Restrictions 37 Compliance with parliamentary appropriations and other related authorities for expenditure 38 Commencement of the legislative instrument Appendices A Defined terms B Application guidance C Effective date and transition D Amendments to other Standards E Australian simplified disclosures for Tier 2 entities
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