From www.pitcher.com.au: The Australian Accounting Standards Board is introducing changes to not-for-profit (NFP) financial reporting with new Exposure Drafts, requiring certain NFP entities to prepare general purpose financial statements instead of special purpose reports.

The proposals aim to simplify reporting requirements for Tier 3 entities, which include those with revenues under $3 million, allowing for streamlined recognition and measurement, as well as reduced disclosure obligations.

Feedback on these proposals is being sought from the public, with outreach sessions planned for early 2025.