This guidance is designed to assist not-for-profit entities in the public and private sector in their application of AASB 10 Consolidated Financial Statements and AASB 12 Disclosure of Interests in Other Entities.
The guidance does not change the principles contained within these standards but rather explains how these principles apply from the perspective of not-for-profit entities.
- AASB 10 now contains guidance on determining when a not-for-profit entity controls another entity.
- Guidance does not amend or change the principles contained within AASB 10 and AASB 12.
- Effective for years commencing on or after 1 January 2014 i.e. 30 June 2015 year ends.