Nor for Profit organisations that are preparing special purpose financial statements (SPFS) will be required to make new disclosures based on the amendments to AASB 1054 Australian Additional Disclosures, effective for the annual reporting periods ending on or after 30 June 2020. These additional disclosures will provide clarity regarding compliance with the recognition and measurement requirements in Australian Accounting Standards. Organisations are not required to change their existing accounting policies. The Australian Accounting Standards Board has prepared a high level summary as well as illustrative examples within the standards to help people preparing the reports to understand the new disclosure requirements.
To view the AASB summary, click here.