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Compiled AASB Standard  AASB 124

Related Party Disclosures

This compiled Standard applies to annual periods beginning on or after 1 January 2023.  Earlier application is permitted for annual periods beginning on or after 1 January 2014 but before 1 January 2023.  It incorporates relevant amendments made up to and including 15 December 2022.
Prepared on 6 April 2023 by the staff of the Australian Accounting Standards Board.
Compilation no. 3

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.

Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT

© Commonwealth of Australia 2023
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 24
ACCOUNTING STANDARD
AASB 124 RELATED PARTY DISCLOSURES

from paragraph
Objective 1
Scope 2
Purpose of related party disclosures 5
Definitions 9
Disclosures
All entities 13
Government-related entities 25
Effective date and transition Aus28.1
Withdrawal of IAS 24 (2003)
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus29.2
Appendices
A  Australian defined terms
B  Australian simplified disclosures for Tier 2 entities
AUSTRALIAN IMPLEMENTATION GUIDANCE FOR NOT-FOR-PROFIT PUBLIC SECTOR ENTITIES
illustrative examples
COMPILATION DETAILS
Deleted IAS 24 Text
Basis for Conclusions on AASB 2015-6

available on the AASB website
Basis for Conclusions on IAS 24

Australian Accounting Standard AASB 124 Related Party Disclosures (as amended) is set out in paragraphs 1 – Aus29.2, Appendices A and B and the Australian Implementation Guidance.  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, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying