15RU-003 Not-for-profit public sector entities to make related party disclosures

15RU-003 Public sector NFPs: related party disclosures

The AASB has issued the long-awaited AASB 2015-6 Amendments to Australian Accounting Standards – Extending Related Party Disclosures to Not-for-Profit Public Sector Entities, nearly 4 years after issuing the Exposure Draft. The amendments extend the scope of AASB 124 Related Party Disclosures (AASB 124) to include not-for-profit public sector entities.

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Implementation guidance is included to assist application of the standard. The implementation guidance is an integral part of AASB 124 and has the same authority as the other parts of the standard.

The amendments apply to annual reporting periods beginning on or after 1 July 2016.

Key points

  • AASB 124 Related Party Disclosures scope extended to include not-for-profit public sector entities.
  • Disclosure requirements of AASB 124 apply unamended.
  • Implementation guidance included on KMP (focus on Ministers) and identification of related parties.
  • No comparatives required for first year of application.
  • AASB holding education sessions.

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