• Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 6/05/2013

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

13RU-006 Budgetary Reporting: new requirements for NFPs in the GGS 

This Reporting Update summarises the requirements of AASB 1055 Budgetary Reporting.

Key points

  • Not for profit entities in the general government sector (GGS) now required to explain variances between budgets presented to Parliament and actual outcomes.
  • Applies to annual reporting periods beginning on or after 1 July 2014.
  • Budgetary reporting requirements for whole of government and GGS within AASB 1049 have been relocated to AASB 1055.
  • Competitive budgetary information not required.