At its August 2016 meeting, the Australian Accounting Standards Board (AASB) announced that it had tentatively decided to defer application of the new revenue standard, AASB 15, for not-for-profit entities (NFPs) by one year, including the NFP implementation guidance. This means that the original application date of periods beginning on or after 1 January 2018 will be extended to 1 January 2019.
The reason for the delay is the timing of the release of AASB 10XX Income of Not-for-Profit Entities which will deal with recognition of income that does not fall within the scope of AASB 15.