Document ID: chunk:federal_register_of_legislation:F2023C00188:reg:5
Version: federal_register_of_legislation:F2023C00188
Segment Type: reg
Provision Reference: reg 5
Character Range: 6402–7357

5                     AASB 15 Revenue from Contracts with Customers defines income as increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions by equity participants (that is, owners).  This Standard addresses income arising from the acquisition of assets for consideration that is significantly less than the fair value of the asset when that difference is principally to enable the not-for-profit entity to further its objectives.  This Standard applies to those differences that result in increases in equity, other than those relating to contributions by owners or those accounted for under another Standard (eg AASB 15).  Other Australian Accounting Standards (eg AASB 1004 Contributions) address income arising from decreases of liabilities and the accounting for contributions by owners.