Welcome to the latest edition of our financial reporting publication that aims to keep you in the loop with all the latest accounting and financial reporting developments, and the potential impact they may have on your business.

It’s going to be another big year of accounting standards, especially for not-for-profit entities as they implement three significant standards for the first time. With that in mind, we look at the new income standards for these entities, AASB 1058 and AASB 15, and when to apply which standard. We also highlight recent developments affecting both for-profit and not-for-profit entities.