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AASB 124 Related Party Disclosures

The AASB has issued amendments to extend the scope of AASB 124 to include not-for-profit public sector entities.

The key impact of the amendments is to specify consistent related party disclosure requirements for the Australian Government, State Governments, local councils and other not-for-profit public sector entities.

The amendments, outlined in AASB 2015-6 Amendments to Australian Accounting Standards – Extending Related Party Disclosures to Not-for-Profit Public Sector Entities, apply to annual reporting periods beginning on or after 1 July 2016.

More information can be found here

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