Accounting for Waiting List Fees

The AASB has issued new FAQs that address how a not-for-profit school could determine which standard to apply to the different types of upfront fees they charge, and how they could consider identifying and recognising performance obligations in accordance with AASB 15 Revenue from Contracts with Customers and AASB 1058 Income of Not-for-Profit Entities. These additions accompany the existing FAQs addressing the effective date and scope of the new not-for-profit income standards.

The FAQs can be downloaded from the AASB website here.