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.