The date shown in the issue date column is either the date the standard was made by the aasb or the date of the most recent amendment by the aasb included in the. Aasb 118 compiled 7 standard accounting standard aasb 118 the australian accounting standards board made accounting standard aasb 118 revenue under section 334 of the corporations act 2001 on 15 july 2004. Aasb 118 is to be read in the context of other australian accounting standards, including aasb 1048 interpretation and application of standards, which identifies the uig. Australian accounting standard aasb 118 revenue is set out in paragraphs aus1. Since ifrs 15 replaces all of the existing guidance on revenue recognition, and applies to all entities. Standard search results australian accounting standards. This compiled standard applies to annual reporting periods beginning on or after 1 january 2011 but before 1. Obtaining copies of accounting standards compiled versions 20089 10 amended aasb 201110 18 amended aasb 209b 57 15 amended aasb 20089 5, 11 amended aasb 20152 15 1617. Terms defined in this standard are in italics the first time they appear in the standard. This compiled version of aasb 118 applies to annual reporting periods beginning on or after 1 january 2018 but before. The notes column below identifies when the standard listed is a compiled version. New revenue standard introducing aasb 15 kpmg australia. Aasb 15 revenue from contracts with customers replaces aasb 118 revenue, aasb 111 construction contracts and four related interpretations. A brief discussion of some of the key features of ifrs 9 and what it means for financial statements of.
New revenue standard introducing aasb 15 kpmg international. Established in 2018, nsbas leading edge award recognizes state school board associations for development of innovative projects that promote and. Terms defined in appendix a are in italics the first time they appear in the standard. Extra identifies when additional iasb supporting material e. How will ifrs 15 revenue from contracts with customers impact. Standard aasb 118 nfp revenue for notforprofit entities december 2016 compilation compiled aasb standard aasb 118 revenue notforprofit nfp entities only this compiled standard applies to annual download pdf 635k. It incorporates relevant amendments made up to and including 27 october 2010. Interpretation customer loyalty programmes ifric 15 agreements for the construction of real estate. Aasb 15 5 contents australian accounting standard aasb 15 revenue from contracts with customers is set out in paragraphs 1 129 and appendices a c.
This compiled standard applies to annual reporting periods beginning on or after 1 january 2011 but before 1 january 20. Fact sheet aasb 118 revenue objective the objective of this standard is to account for revenue from the sale of goods and provision of services and other common revenues. Aasb 118 is to be read in the context of other australian accounting standards, including aasb 1048 interpretation and application of standards, which identifies the. It takes into account amendments up to and including27 october 2010 and was prepared on 26 november 2010 by the staff of the australian accounting standards board aasb. The alabama association of school boards was recognized as one of two recipients of the national school boards associations 2019 leading edge award during a luncheon saturday, august 17 at nsbas summer leadership institute in chicago, ill. During the implementation phase, the organisation will build and test it system or manual solutions. Cumulative approach current period disclose revenue amounts that would have been presented under aasb 118 111. It supplements our accounting updates applying aasb 15 revenue and income of notforprofit entities and should be read in conjunction. Accounting standard aasb 118 revenue as amended this compiled standard applies to annual reporting periods beginning on or after 1 january 2011 but before 1 january 20. Applies to reporting periods beginning on or after 01 jan 2018 but before 01 jan 2019. Standard aasb 1049 whole of government and general government sector financial reporting march 2015 compilation aasb 1049 g 2015. The australian accounting standards board made accounting standard aasb 8 operating segments under section 334 of the corporations act 2001 on 26 february 2007.