Document ID: chunk:federal_register_of_legislation:F2022C01123:reg:27:p1
Version: federal_register_of_legislation:F2022C01123
Segment Type: reg
Provision Reference: reg 27 (pt 1/15)
Character Range: 40627–43761

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.

  Part 5 -  Additional disclosure required by Government

Guide to this Part

The purpose of this Part is to set out all additional financial reporting and disclosure requirements for reporting entities that are required by Government to assist with understanding the financial position of reporting entities. These may be in addition to other requirements outside of this rule to satisfy accountability and transparency requirements.

  29 Contingencies

Guide to this section

The purpose of this section is to set out additional reporting requirements for contingent assets and liabilities beyond the disclosures required in AASB 137 Provisions, Contingent Liabilities and Contingent Assets.

Additional disclosure required includes information on unquantifiable contingencies and financial guarantees as per AASB 9 Financial Instruments.

  (1) Contingent liabilities and assets that can be reliably measured must be classified by class.
  (2) Unquantifiable contingent liabilities and assets must be explained in a note to the financial statements.
  (3) If a reporting entity has given a financial guarantee, it must:
       (a) state that fact as part of its note for contingent liabilities and assets; and
       (b) include a cross reference to details regarding the guarantee in other notes to the financial statements.
  30 Heritage and cultural assets

Guide to this section

The purpose of this section is to set out the disclosure requirements for reporting entities that have control of heritage and cultural assets.

These assets by their very nature are of national significance and therefore require additional disclosure on how they are being managed and maintained