27Key management personnel remuneration

27 Key management personnel remuneration

Guide to this section

The purpose of this section is to set out minimum requirements for reporting entities’ financial reporting disclosures of their key management personnel remuneration.

The intention of this note is to report the cost to the Commonwealth of employing senior management personnel for the reporting period, as opposed to reporting the individual benefits received by those persons.

(1) The disclosure note for reporting entities must be prepared using actual key management personnel expenses (on an accrual basis). (2) A reporting entity is not required to prepare disclosures under this section for the entity’s key management personnel subject to a fee‑for‑service contract arrangement where the entity is not the direct employer. (3) For the purpose of this section, individuals on secondment must be disclosed by the receiving entity only. (4) Reporting entities must disclose the total number of key management personnel that are included in the disclosure note. (5) Reporting entities must disclose: (a) the total remuneration of their key management personnel; and (b) the amount of each of the following for their key management personnel: (i) short‑term employee benefits; (ii) post‑employment benefits (subject to subsection 25(4A)); (iii) other long‑term employee benefits; and (iv) termination benefits.