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20 Apr. 2017

Materiality of Key Management Personnel Related Party Transactions of Not-for-Profit Public Sector Entities

The Agenda Decision published today clarifies that KMP related party transactions that occur outside a public services provider/taxpayer relationship will not always be material for disclosure in general purpose financial statements.  The Agenda Decision is expected to assist not-for-profit public sector entities in their first-time implementation of AASB 124 Related Party Disclosures, addressing also:
   • the purpose of disclosures about related parties in general purpose financial statements
   • the relationship between materiality and the collection of related party information.