About this E-Learning Course

AASB 1058 Income of Not-for-Profit Entities establishes principles for how a not-for-profit entity accounts for transactions where the consideration to acquire an asset is significantly less than fair value principally to enable a not-for-profit entity to further its objectives, and volunteer services received.
This course provides an overview of how a not-for-profit entity applies the principles set out in the standard for:

  • Volunteer services received

  • The recognition and measurement of an asset received

  • Accounting for the construction or acquisition of non-financial assets

  • The recognition and measurement of the ‘credit’ side of the entry as either a contribution from owners, a lease, a financial instrument, a provision, as revenue in accordance with the requirements of AASB 15 Revenue from Contracts with Customers, or as other income

  • Presentation and disclosure.

Course curriculum

  • 1

    Income of Not-For-Profit Entities

    • Welcome!

    • Income of Not-For-Profit Entities

How this course can help your business

The principles in AASB 1058 for accounting for income can be complex to apply in practice. This course explains these principles in simple terms using practical examples to illustrate how a not-for-profit entity should apply the principles set out in the standard.

Meet your course instructors

IFRS Instructor

Aletta Boshoff

Aletta is an Advisory Partner and National Leader of IFRS & Corporate Reporting at BDO in Australia. Aletta has over 25 years’ experience in financial reporting and accounting, including IFRS. Aletta has lectured on financial accounting and reporting, auditing and assurance and taxation at various Australian and South African universities. As an Associate Professor, she authored various financial reporting and accounting textbooks. Aletta also spent several years as a Project Manager at the Australian Accounting Standards Board (AASB).