AASB 1046 - Director and Executive Disclosures by Disclosing Entities - January 2004
3Purpose of Standard
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3 Purpose of Standard
3.1 The purpose of this Standard is to require disclosure of information relating to individuals who are responsible for the governance of the entity, including remuneration, transactions and balances with the entity.
3.1.1 Directors and executives who are entrusted with the governance of an entity hold positions of responsibility within that entity. Accordingly, there is a need for a high level of accountability through disclosure in the financial report of their transactions with the entity and the benefits they gain as a result of positions held within the entity.