Development of Simplified Accounting Requirements (Tier 3 Not-for-Profit Private Sector Entities) |
1. Intro - Contribute to the development of simplified accounting requirements for smaller entities
The AASB is proposing a third tier of Australian Accounting Standards (AAS) dealing with common balances and transactions for smaller not-for-profit private sector entities (NFP entities). NFP entities include charities, incorporated associations, companies limited by guarantee, other corporations and unincorporated entities that are NFPs.
This third tier will be based on reporting requirements that are simpler to understand and apply compared to existing accounting requirements and is expected to improve comparability and the quality of financial reporting, with consistent recognition and measurement requirements for smaller NFP entities.
In formulating your responses, please consider transactions and balances of NFP entities with revenue of between $500,000 and $3 million. The application of the eventual standard is expected to be determined by other regulatory requirements.
The snapshot document provides an overview of the proposed Tier 3 requirements and is suggested for reading before the completion of the survey.
Comments are invited on any of the preliminary views in this survey by 31 March 2023. Feedback plays an important role in the decisions that the AASB will make, and the AASB regards supportive and non-supportive comments as essential to a balanced review of the issues.
This survey will take approximately 20 minutes to complete. You can close the survey and return it and submit later if you are unable to complete the survey in one seating. The survey can be completed via portable devices like smartphones or tablets.
The detailed proposals are included in the AASB Discussion Paper — Development of Simplified Accounting requirements (Tier 3 Not-for-Profit Private Sector Entities). It is not necessary to read this Discussion Paper to answer the questions in this survey.
In formulating your responses, please consider transactions and balances of NFP entities with revenue of between $500,000 and $3 million. The application of the eventual standard is expected to be determined by other regulatory requirements.
The snapshot document provides an overview of the proposed Tier 3 requirements and is suggested for reading before the completion of the survey.
Comments are invited on any of the preliminary views in this survey by 31 March 2023. Feedback plays an important role in the decisions that the AASB will make, and the AASB regards supportive and non-supportive comments as essential to a balanced review of the issues.
This survey will take approximately 20 minutes to complete. You can close the survey and return it and submit later if you are unable to complete the survey in one seating. The survey can be completed via portable devices like smartphones or tablets.
The detailed proposals are included in the AASB Discussion Paper — Development of Simplified Accounting requirements (Tier 3 Not-for-Profit Private Sector Entities). It is not necessary to read this Discussion Paper to answer the questions in this survey.