AASB proposes extending related party disclosures to the not-for-profit public sector

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02 Aug 2011

The Australian Accounting Standards Board (AASB) has issued ED 124 'Extending Related Party Disclosures to the Not-for-Profit Public Sector'.

Australian Accounting Standard AASB 124 Related Party Disclosures (equivalent to IAS 24 in relation to for-profit entities) presently does not apply to general purpose financial statements of not-for-profit (NFP) public sector entities.

Under the proposals, the requirements in AASB 124 would apply to NFP public sector entities without amendment. Accordingly, certain transactions between government-related entities of the same jurisdiction would not be required to be disclosed in detail, and other related party transactions, such as Ministerial transactions, would only be disclosed if material.

The new requirements are proposed to have an effective date of 1 July 2013.

Comments on ED 214 are due to the AASB by 31 January 2012. Click for AASB announcement (link to AASB website).

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