CONTENTS

COMPILATION DETAILS

Comparison with IAS 24

Accounting Standard

AASB 124 Related Party Disclosures

Paragraphs

Objective 1

Application Aus1.2 – Aus1.10

Reduced Disclosure Requirements Aus1.11 – Aus1.12

Scope 2 – 4

Purpose of Related Party Disclosures 5 – 8

Definitions 9 – 12

Disclosures

All Entities 13 – 24

Government-related Entities 25 – 27

Effective Date and Transition 28 – 28C

ILLUSTRATIVE EXAMPLES Page 14

DELETED IAS 24 TEXT Page 18

BASIS FOR CONCLUSIONS ON IAS 24
(available on the AASB website)

Australian Accounting Standard AASB 124 Related Party Disclosures (as amended) is set out in paragraphs 1 – 28C. All the paragraphs have equal authority. Paragraphs in bold type state the main principles. AASB 124 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.