What to expect from the new NFP accounting standard

From January 1 2019, a new standard in financial reporting will become mandatory for not-for-profits and charity organisations. These new accounting standards will improve transparency via a more accurate picture of economic reality and will enable donors, volunteers, employees and the public to make informed decisions.

The new standard, introduced by the Australian Accounting Standards Board (AASB), will majorly change how NFPs recognise and disclose income, volunteer services and donated goods.

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