The Australian Accounting Standards Board (AASB) has released an Amending Standard that provides implementation guidance for not-for-profit entities under the Australian equivalents to IFRS 10 ‘Consolidated Financial Statements’ (AASB 10) and IFRS 12 ‘Disclosure of Interests in Other Entities’ (AASB 12). The guidance explains and illustrates how not-for-profit and public sector entities can apply the key concepts of ‘control’ and ‘structured entities’ arising under those standards, particularly where circumstances from a for-profit perspective do not readily translate to a not-for-profit perspective.