Description

AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities will come into effect for not-for-profit entities for financial years beginning on or after 1 January 2019. For for-profit entities, AASB 1058 is not applicable and AASB 15 is effective for financial years beginning on or after 1 January 2018. These standards have a number of elections available, both on transition and more generally. This Circular prescribes the options that agencies are to elect. Agencies must comply with AASB 15 and AASB 1058 (if applicable) in full and should read the standards when applying this guidance.

This Circular applies all entities that are reporting GSF agencies within the meaning of section 7.3 of the Government Sector Finance Act 2018, and to the accountable authorities for those reporting GSF agencies. For the avoidance of doubt, this policy does not apply to universities and their controlled entities, or to their accountable authorities.