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AASB 2022-3 amendments to Australian accounting standards

AASB 2022-3 amends Australian illustrative examples for not-for-profit entities accompanying AASB 15 Revenue from Contracts with Customers.

The amendments insert Example 7A to illustrate for not-for-profit entities how AASB 15 applies to the recognition and measurement of upfront fees charged by the entity to its customers or members. The amendments do not change the requirements of AASB 15.

The Basis for Conclusions accompanying AASB 2022-3 documents the Board’s decision to retain the accounting policy choice on an ongoing basis for not-for-profit private sector lessees to elect to initially measure a class of right-of-use assets arising under concessionary leases at cost or at fair value. The Basis for Conclusions also notes that the Board has deferred such consideration of the accounting policy choice for not-for-profit public sector lessees until the Board decides on any additional guidance for measuring the fair value of right-of-use assets under concessionary leases.

AASB 2022-3 applies to annual reporting periods beginning on or after 1 July 2022, with earlier application permitted.

Taken from Australian Accounting Standards Board. 



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