The AASB has issued ED 238 Consolidated Financial Statements â€“ Australian Implementation Guidance for Not-for-Profit Entities. Comments to the AASB are due by 30 June 2013.
The ED proposes implementation guidance to assist not-for-profit (NFP) entities in the private and public sectors to apply AASB 10 Consolidated Financial Statements and AASB 12 Disclosure of Interests in Other Entities. Those Standards apply mandatorily to NFP entities for periods beginning on or after 1 January 2014, following amendments by the AASB in December 2012.
The ED provides the implementation guidance as an appendix to AASB 10 which explains and illustrates how the principles in the Standard apply to not-for-profit entities in the private and public sectors.
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