AASB 2013-8 Amendments to Australian Accounting Standards â€“ Australian Implementation Guidance for Not-for-Profit Entities â€“ Control and Structured Entities has been issued by the AASB to assist NFP entities apply the requirements of AASB 10 Consolidated Financial Statements and AASB 12 Disclosure of Interests in Other Entities.
This guidance will assist entities in applying the new test for control introduced as part of the IASB and AASB revisions to their consolidation suite of standards (AASBs 10, 11 and 12 and revised versions of AASB 127 and 128) in May 2011. The guidance does not amend or deviate from the principles underlying the Standards. The guidance provides comprehensive examples of applying the control definition in various NFP scenarios.
AASB 2013-2 applies for financial reporting periods beginning on or after 1 January 2014 when AASBâ€™s 10 and 12 become mandatory for not for profit entities. Early application is permitted for annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014.
The implementation guidance is available here;