Document ID: chunk:federal_register_of_legislation:F2023C00394:body:0:p10
Version: federal_register_of_legislation:F2023C00394
Segment Type: other
Provision Reference: 
Character Range: 24549–27590

a person who, regardless of the name that is given to the position, is appointed to the position of member of the governing body, council, commission or authority.
Remuneration is compensation as defined in this Standard.
Aus9.1.1 Although the defined term 'compensation' is used in this Standard rather than the term 'remuneration', both words refer to the same concept and all references in the Corporations Act to the remuneration of directors and executives is taken as referring to compensation as defined and explained in this Standard.

Appendix B
Australian simplified disclosures for Tier 2 entities
This appendix is an integral part of the Standard.
          AusB1 This Standard does not apply to entities preparing general purpose financial statements that apply AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities.

Australian implementation guidance for not-for-profit public sector entities
This guidance is an integral part of AASB 124 and has the same authority as the other parts of the Standard.  The guidance applies only to public sector entities.  The guidance does not apply to private sector entities or affect their application of AASB 124.
IG1 AASB 124 Related Party Disclosures incorporates International Financial Reporting Standard IAS 24 Related Party Disclosures, issued by the International Accounting Standards Board.  Consequently, much of the text of the body of this Standard and the Illustrative Examples is expressed from the perspective of for-profit entities.  The AASB has prepared this guidance to explain and illustrate the principles in the Standard to assist application of the Standard by not-for-profit public sector entities, particularly to address circumstances where a for-profit perspective does not readily translate to a not-for-profit public sector perspective.  This guidance also assists not-for-profit public sector entities in determining the extent of the information necessary to meet the objective of the Standard.  This guidance does not remove the need for judgement to be applied by an entity in complying with the requirements of the Standard.
IG2 This guidance addresses a range of matters affecting not-for-profit public sector entities broadly in the order in which the related paragraphs appear in the body of the Standard.  Illustrative examples are provided in the implementation guidance.  The examples apply by analogy to types of not-for-profit public sector entities other than those identified in the examples and similar circumstances.  It is the facts and circumstances in any case, not simply the type of not-for-profit public sector entity, that need to be assessed in determining the appropriate disclosures that apply.

Identification of key management personnel
IG3 Paragraph 9 of the Standard defines key management personnel as being those persons having the authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly,