Martin Olde, national technical director of Nexia Australia will now serve on the Income of Not-for-Profit Entities project advisory panel, a consultative group for Australian Accounting Standards Board (AASB) staff, providing specific and industry technical expertise as well as identifying practical implementation issues and feedback on proposals.
The advisory panel’s establishment comes as a result of feedback obtained following the April 2015 release of exposure draft ED 260 Income of Not-for-Profit Entities.
The current objective of the panel is to develop new revenue accounting standards to replace the income recognition model as established in AASB 1004 Contributions.
Nexia Australia noted their excitement in integrating the perspective of current and prospective clients into the accounting standard development process.
“Through our membership on the advisory panel, Nexia is pleased to be able to provide our not-for-profit entity clients an opportunity to contribute towards the development of this important new accounting standard,” the firm said in a statement regarding Mr Olde’s appointment.
