Partner News: Right-of-Use Assets of Not-for-Profit Entities
The Australian Accounting Standards Board (AASB) has issued AASB2018-8 Amendments to Australian Accounting Standards – Right-of-Use Assets of Not-for-Profit Entities to provide a temporary option for not-for-profit lessees to measure a right-of-use asset arising under “concessionary leases” at initial recognition.
Concessionary leases have been defined as those leases that have significantly below-market terms and conditions principally to enable an entity to further its objectives. The…