AASB 124 - Related Party Disclosures - December 2005
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2 This Standard shall be applied in:
(a) identifying related party relationships and transactions;
(b) identifying outstanding balances between an entity and its related parties;
(c) identifying the circumstances in which disclosure of the items in (a) and (b) is required; and
(d) determining the disclosures to be made about those items.
3 This Standard requires disclosure of related party transactions and outstanding balances in the separate financial statements of a parent presented in accordance with AASB 127 Consolidated and Separate Financial Statements.
4 Related party transactions and outstanding balances with other entities in a group are disclosed in an entity’s financial statements. Intragroup related party transactions and outstanding balances are eliminated in the preparation of consolidated financial statements of the group.