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1 Apr. 2015

AASB finalises amendments to 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.  Comparative disclosures are not required in the first year of application of the amendments.

In response to constituent feedback, the amendments to AASB 124 include implementation guidance addressing not-for-profit public sector specific issues.  In addition, the AASB will be hosting education sessions.  Registration information for the education sessions will be made available on the AASB website shortly.

Access the media release here.