The objective of AASB 124 is to ensure that the department’s or entity’s financial statements contain disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties, and by transactions and outstanding balances, including commitments, with such parties.
The Australian Accounting Standards Board (AASB) recently extended the scope of AASB 124 Related Party Disclosures to include not-for-profit (NFP) public sector entities.
This revised reporting requirement will apply to departments and not-for-profit agencies for the first time from 1 July 2016 (i.e. from the 2016-17 financial year), with no comparatives required for the first period to which these changes apply. As a result, all NFP public sector entities will be required to disclose related party transactions in the same way as private sector entities.
AASB 124 Related Party Disclosures guidelines
This document provides guidance to assist Victorian government departments and other public sector entities with identifying key management personnel (KMP) for their entity.
This declaration certificate is for executive key management personnel to declare their related party transactions.
This management checklist is to support your entity's due diligence processes in the preparation of your related party disclosures in the financial statements.
This guidance is to support your entity in the preparation of your remuneration disclosures in the financial statements.
Guidance information to support the declaration certificate
The following guidance material will support you in the implementation of the AASB 124 Related Party Disclosures.
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