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Compiled AASB Standard  AASB 1058

Income of Not-for-Profit Entities

This compiled Standard applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  Earlier application is permitted for annual periods beginning before 1 January 2023.  It incorporates relevant amendments made up to and including 15 December 2022.

Prepared on 6 February 2023 by the staff of the Australian Accounting Standards Board.

Compilation no. 5

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
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Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

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E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2023
This work is copyright.  Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

Contents

ACCOUNTING STANDARD
AASB 1058 Income of Not-for-Profit Entities

from paragraph
Objective 1
Meeting the objective 3
Scope 7
Recognition and measurement
Recognition and measurement of an asset 8
Recognition and measurement of income and related amounts 9
Transfers to enable an entity to acquire or construct a recognisable non-financial asset to be controlled by the entity              15
Volunteer services 18
Disclosure 23
Non-contractual income arising from statutory requirements 28
Transfers to enable an entity to acquire or construct a recognisable non-financial asset to be controlled by the entity              31
Restrictions 37
Compliance with parliamentary appropriations and other related authorities for expenditure 38
Commencement of the legislative instrument
Appendices
A  Defined terms
B  Application guidance
C  Effective date and transition
D  Amendments to other Standards
E  Australian simplified disclosures for Tier 2 entities

Illustrative Examples
COMPILATION DETAILS
Basis for conclusions

Australian Accounting Standard AASB 1058 Income of Not-for-Profit Entities (as amended) is set out in paragraphs 1 – 41 and Appendices A – E.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  Terms defined in Appendix A are in italics the first time they appear in the Standard.  AASB 1058 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies,