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AASB 1057 - Application of Australian Accounting Standards - July 2015
20AAASB 1058 Income of Not-for-Profit Entities applies to:
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20A AASB 1058 Income of Not-for-Profit Entities applies to:
(a) each not-for-profit entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other not-for-profit entity that is a reporting entity; and
(c) financial statements of a not-for-profit entity that are, or are held out to be, general purpose financial statements.
20B AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities applies as set out in paragraph 5, provided the entity is eligible to apply Tier 2 reporting requirements, as set out in AASB 1053, paragraph 13.