The AICD submission stated that we believed the proposed AASB definition preferable to the current formulation. However, we expressed concern that the AASB has missed the opportunity to more tightly align the definition of “not-for-profit” with concepts used by either the Australian Charities and Not-for-profits Commission or the Australian Tax Office. We suggested that it would be worthwhile consulting with stakeholders on other options such as a definition that is more closely aligned with that used by those bodies.

You can read our submission here.