Amendments to AASB 124Amendments to AASB 124

Amendments to AASB 124

40 Paragraph 3 is amended as follows (new text is underlined and deleted text is struck through):

3 This Standard requires disclosure of related party relationships, transactions and outstanding balances, including commitments, in the consolidated and separate financial statements of a parent, venturer or investors with joint control of, or significant influence over, an investee presented in accordance with AASB 10 Consolidated Financial Statements or AASB 127 Consolidated and Separate Financial Statements. This Standard also applies to individual financial statements.

41 In paragraph 9, the definitions of ‘control’, ‘joint control’ and ‘significant influence’ are deleted and a sentence is added as follows:

The terms ‘control’, ‘joint control’ and ‘significant influence’ are defined in AASB 10, AASB 11 Joint Arrangements and AASB 128 Investments in Associates and Joint Ventures and are used in this Standard with the meanings specified in those Standards.

42 In paragraph 9, the definition of ‘related party’ is amended as follows (new text is underlined and deleted text is struck through):

A related party is a person or entity that is related to the entity that is preparing its financial statements (in this Standard referred to as the ‘reporting entity’).

(a) A person or a close member of that person’s family is related to a reporting entity if that person:

(i) has control or joint control over of the reporting entity;

(ii) …

43 Paragraph 11(b) is amended as follows (new text is underlined and deleted text is struck through):

11 In the context of this Standard, the following are not related parties:

(a) …

(b) two joint venturers simply because they share joint control over of a joint venture.

(c) …

44 Paragraphs 15, 19 and 25 are amended (new text is underlined and deleted text is struck through) and paragraph 28A is added as follows:

15 The requirement to disclose related party relationships between a parent and its subsidiaries is in addition to the disclosure requirements in AASB 127 and, AASB 128 Investments in Associates and AASB 131 Interests in Joint Ventures AASB 12 Disclosure of Interests in Other Entities.

19 The disclosures required by paragraph 18 shall be made separately for each of the following categories:

(a) the parent;

(b) entities with joint control of, or significant influence over, the entity;

(c) subsidiaries;

(d) associates;

(e) joint ventures in which the entity is a joint venturer;

(f) key management personnel of the entity or its parent; and