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AASB 1004 - Contributions - December 2007
AASB 1004 and IFRS StandardsAASB 1004 and IFRS Standards
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## AASB 1004 and IFRS Standards
Not-for-profit entities that comply with the requirements of AASB 1004 may not simultaneously be in compliance with the requirements of IFRS Standards, which do not explicitly define contributions by owners. However, restructures of administrative arrangements are business combinations under common control, which are excluded from the scope of IFRS 3 Business Combinations.