To address specific concerns from the ‘not-for-profit’ sector in Australia, the AASB also released the following standards and guidance: AASB 2016–8 Amendments to Australian Accounting Standards – Australian implementation guidance for Not-for-Profit • Entities (AASB 2016–8), to provide guidance on application of revenue recognition principles under AASB 15 in the not- for-profit sector. AASB 2018–4 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for- • Profit Public-Sector Licensors (2018–4), to provide guidance on how to distinguish payments received in connection with the access to an asset (or other resource) or to enable other parties to perform activities as tax and non-IP licence. It also provides guidance on timing of revenue recognition for non-IP licence payments. AASB 1058 Income of Not-for-Profit Entities, to supplement AASB 15 and provide criteria to be applied by not-for-profit • entities in establishing the timing of recognising income for government grants and other types of contributions previously contained within AASB 1004 Contributions. AASB 15, AASB 1058 and the related guidance will come into effect for not-for-profit entities for annual reporting periods beginning on or after 1 January 2019. DJPR intends to adopt these standards in 2019–20 financial year when it becomes effective. DJPR will apply the standard using a modified retrospective approach with the cumulative effect of initial application recognised as an adjustment to the opening balance of accumulated surplus at 1 July 2019, with no restatement of comparative information. DJPR has performed a detailed impact assessment of AASB 15 and AASB 1058 and there was minimal potential impact on major class of revenue and income in the initial year of application.

#### 9.13 Departmental output objectives and descriptions

DJPR outputs during the financial year ended 30 June 2019 are disclosed in Note 4.1 – Departmental outputs. The outputs objectives and descriptions are summarised below.

##### Create and maintain jobs

###### Objective:

This objective seeks to secure a growing, sustainable and equitable jobs market for all Victorians by working with businesses to increase job opportunities, support people into meaningful employment, and attract the investment and talent needed to foster job growth.

Descriptions: Jobs Jobs This output contributes to this objective by supporting existing workers and businesses by connecting Victorians experiencing disadvantage to job opportunities, supporting Aboriginal economic inclusion, working with the community to create and support social enterprises; as well as attracting new investment and talent into Victoria to grow the economy and share the benefits of economic prosperity.

##### Foster a competitive business environment

###### Objective:

This objective seeks to grow Victorian industries and businesses by working with priority industry sectors, supporting growth and innovation opportunities for industry, supporting start-ups and small businesses, and assisting industries in transition.

Descriptions: Industry, Innovation and Small Business Industry, Innovation and Small Business This output contributes to this objective by providing access to information and connections and building the capability of Victorian businesses and industry to develop and effectively use new practices and technologies, advocating for a fair and competitive business environment, and supporting small businesses.

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DJPR Annual Report 2018–19