AASB 15 applies to both for-profit and not-for-profit entities. For-profit entities must apply AASB 15 for financial years beginning on, or after, 1 January 2018.
The new standard AASB 16 Leases was issued over two years ago, in February 2016. The broad intention of the standard is to put ‘off‑balance sheet’ operating leases ‘on-balance sheet’.
The new standard AASB 1058 Income of Not‑for-Profit Entities
Classifications will be reduced from 4 to 2.
Impairment (the provision for doubtful debts) aims to ensure the carrying amount of loans/other financial assets aren't overstated.
Are you ready?
Accounting standard AASB 9 Financial Instruments has started. It started 1 January 2018 if you have a December year end, and started 1 July 2018 if you have a June year end.
Do you have a peppercorn lease? Peppercorn leases are leases with nominal rent. This might be $1, or even as low as a peppercorn.