AASB 124 - Related Party Disclosures - December 2009
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Application
Aus1.2 This Standard applies to:
(a) each entity that is required to prepare financial reports in accordance with Part 2M.3 of the Corporations Act and that is a reporting entity;
(b) general purpose financial statements of each other reporting entity; and
(c) financial statements that are, or are held out to be, general purpose financial statements.
Aus1.3 This Standard does not apply to general purpose financial statements of not-for-profit public sector entities.
Aus1.4 [Deleted by the AASB]
Aus1.4.1 [Deleted by the AASB]
Aus1.5 [Deleted by the AASB]
Aus1.6 This Standard applies to annual reporting periods beginning on or after 1 January 2011.
[Note: For application dates of paragraphs changed or added by an amending Standard, see Compilation Details.]
Aus1.7 This Standard may be applied to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2011. When an entity applies this Standard to such an annual reporting period, it shall disclose that fact and at the same time apply the amendments to AASB 8 Operating Segments as made by AASB 2009-12 Amendments to Australian Accounting Standards.
Aus1.8 [Deleted by the AASB]
Aus1.9 [Deleted by the AASB]
Aus1.10 When applied or operative, this Standard supersedes AASB 124 Related Party Disclosures issued in December 2005, as amended.