AASB 124 - Related Party Disclosures - December 2009
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Accounting Standard AASB 124 Related Party Disclosures as amended
This compiled Standard applies to annual reporting periods beginning on or after 1 July 2014. It takes into account amendments up to and including 4 June 2014 and was prepared on 9 September 2014 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 124 (December 2009) as amended by other Accounting Standards, which are listed in the Table below.
Table of Standards
| Standard | Date made | Application date(annual reporting periods … on or after …) | Application, saving or transitional provisions |
|---|---|---|---|
| AASB 124 | 15 Dec 2009 | (beginning) 1 Jan 2011 | see (a) below |
| AASB 2010-2 | 30 Jun 2010 | (beginning) 1 Jul 2013 | see (b) below |
| AASB 2011-4 | 7 Jul 2011 | (beginning) 1 Jul 2013 | see (c) below |
| AASB 2011-7 | 29 Aug 2011 | (beginning) 1 Jan 2013 | see (d) below |
| AASB 2011-10 | 5 Sep 2011 | (beginning) 1 Jan 2013 | see (e) below |
| AASB 2013-5 | 14 Aug 2013 | (beginning) 1 Jan 2014 | see (f) below |
| AASB 2014-1 | 4 Jun 2014 | Pt A (ending) 1 Jul 2014Pt C (ending) 1 Jul 2014 | see (g) belowsee (h) below |
(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2011, provided that the amendments to AASB 8 Operating Segments made by AASB 2009-12 are also applied to such periods.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards is also applied to such periods.
(c) AASB 2011-4 has been amended by AASB 2012-11 (made 18 December 2012). Early application of AASB 2011-4 is not permitted.
(d) AASB 2011-7 has been amended by AASB 2012-6 (made 10 September 2012) and AASB 2012-10 (made 18 December 2012).
For-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013. The Standard applies for not-for-profit entities to annual reporting periods beginning on or after 1 January 2014. Not-for-profit entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2013 but before 1 January 2014. If an entity elects to apply this Standard to such annual reporting periods, it shall apply AASB 10 Consolidated Financial Statements and associated Standards to such periods.