Previous stages of this projectPrevious stages of this project

## Previous stages of this project BC8 In previous stages of this project, the Board had previously exposed proposals on income recognition requirements for similar transactions as part of the following Exposure Drafts: (a) ED 125 Financial Reporting by Local Governments (October 2003). This ED also addressed other issues; (b) ED 144 Proposed Guidance to accompany AASB 1004 Contributions (November 2005); (c) ED 147 Revenue from Non-Exchange Transactions (Including Taxes and Transfers) (February 2006); and (d) ED 180 Income from Non-exchange Transactions (Including Taxes and Transfers) (June 2009). BC9 However, having regard to constituent feedback and developments in accounting internationally subsequent to the issue of each such Exposure Draft, the Board had decided not to finalise those previous Exposure Drafts. The last such Exposure Draft, ED 180, was closely based on IPSAS 23 Income from Non-exchange Transactions (Taxes and Transfers). At that time, the Board decided, having regard to feedback received on the ED and the progress the IASB was making on a project to replace IAS 18 Revenue, not to finalise the proposals set out in ED 180, but instead to refocus its project following issue of IFRS 15 Revenue from Contracts with Customers.