COMPARISON WITH IAS 24

AASB 124 and IAS 24

Paragraphs 1 to 22 of AASB 124 Related Party Disclosures as amended incorporate IAS 24 Related Party Disclosures as issued and amended by the International Accounting Standards Board (IASB). Paragraphs that have been added to this Standard (and do not appear in the text of IAS 24) are identified with the prefix “Aus”, followed by the number of the preceding IASB paragraph and decimal numbering. Paragraphs Aus25.1 to Aus25.9.3 require disclosing entities to provide additional details about key management personnel (KMP) that are not required by IAS 24.

Compliance with IAS 24

Entities that comply with AASB 124 as amended will simultaneously be in compliance with IAS 24 as amended.

Compliance with the additional KMP disclosures required by paragraphs Aus25.1 to Aus25.9.3 of AASB 124 is not needed for IFRS compliance.