TPG25-16 Guidance for AASB 1058 Income for not-for-profit entities
This Treasury Policy and Guidance (TPG) provides an overview of the requirements of AASB 1058 Income of Not-for-Profit Entities (AASB 1058) including disclosures. Agencies, however, still need to review AASB 1058 in detail to ensure they understand its requirements.
Issued: 22 December 2025 by Secretary, Treasury
Key information
- Status
- Active
- Type
- Treasury Policy and Guidelines
- Identifier
- TPG25-16
- Compliance
- Mandatory
Who needs to know and/or comply with this?
- Advisory Entities (including Boards and Committees)
- Councils under the Local Government Act
- Departments
- Executive agencies related to Departments
- General Government Sector
- Public Financial Corporation
- Public Non-financial Corporation
- Separate agencies
- Statutory Authorities/Bodies
- Subsidiaries of the NSW Government established under the Corporations Act
- ‘GSF Agencies’ as defined under the Government Sector Finance Act 2018
About
This Treasury Policy and Guidance (TPG) provides an overview of the requirements of AASB 1058 Income of Not-for-Profit Entities (AASB 1058) including disclosures. Agencies, however, still need to review AASB 1058 in detail to ensure they understand its requirements.
Overview
This TPG includes minor changes to update references for AASB 1058 Income for not-for-profit entities.
This TPG withdraws and supersedes Guidance for AASB 1058 Income for Not-for-Profit entities.
Objective
AASB 1058 became effective for NSW not-for-profit (NFP) public sector agencies from FY2019/20. AASB 1058 replaced most of the NFP income recognition requirements in AASB 1004 Contributions (AASB 1004). The scope of AASB 1004 is now limited mainly to parliamentary appropriations, administrative arrangements and contributions by owners.
The purpose of AASB 1058 is to more closely recognise NFP income transactions that are not contracts with customers in accordance with their economic reality.
AASB 1058 needs to be considered in conjunction with AASB 15 Revenue from Contracts with Customers (AASB 15), that also applies to NFPs from FY 2019/20.
This Treasury guidance provides an overview of the requirements of AASB 1058 including disclosures. However, agencies should refer to AASB 1058 for the full requirements.