AASB removes individual KMP disclosures from AASB 124
07 Jul 2011
The Australian Accounting Standards Board (AASB) has issued AASB 2011-4 'Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements', which removes the individual key management personnel (KMP) disclosures from AASB 124 'Related Party Disclosures' with effect from annual reporting periods beginning on or after 1 July 2013.
When the AASB first adopted International Financial Reporting Standards (IFRSs), it retained some pre-existing Australian disclosure requirements, including requirements for disclosures about the compensation, equity holdings and loans relating to individual KMP. AASB 2011-4 removes those additional Australian-specific requirements.
Early adoption of the Standard is not permitted to allow the relevant government agencies to consider whether there is a need to amend their existing requirements regarding disclosures relating to individual KMP and, if so, the manner in which they should be amended.
Click for AASB announcement (link to AASB website).
