Alternative approaches consideredAlternative approaches considered

## Alternative approaches considered BC10 In developing this Standard, the Board considered whether to base the income recognition and measurement principles for a not-for-profit entity on those set out in: (a) AASB 1004 Contributions; (b) IPSAS, including IPSAS 23; (c) AASB 120 Accounting for Government Grants and Disclosure of Government Assistance; or (d) AASB 15 Revenue from Contracts with Customers. BC11 The Board decided not to develop proposals based on the accounting specified by AASB 1004 (as in force at that time), having regard to constituent feedback leading to the Board undertaking the project. In addition, the Board observed that the approach in AASB 1004 does not acknowledge that a non-reciprocal transfer may be made on terms and conditions representative of a liability as defined in the Framework for the Preparation and Presentation of Financial Statements. …