## AASB 1004 and IPSAS Not\-for-profit entities that comply with the requirements of AASB 1004 may not simultaneously be in compliance with the requirements of IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) or IPSAS 40 Public Sector Combinations. Both AASB 1004 and IPSAS 23 require subject transactions that meet the definition of contributions by owners to be recognised as equity transactions. The definitions of contributions by owners in the Standards are broadly consistent, however IPSAS 23 takes a more substance-over-form approach and does not address symmetry between a transferor and the transferee in relation to contributions by and distributions to owners. Restructures of administrative arrangements (which require the transfer of a business) would typically meet the definition of an amalgamation under IPSAS 40. However, IPSAS 40 specifies measurement requirements, whereas AASB 1004 does not. AASB 1004 also treats the net transfer between the parties as a contribution by owners or distribution to owners, as applicable.

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