Document ID: chunk:federal_register_of_legislation:F2025C00209:front:0:p46
Version: federal_register_of_legislation:F2025C00209
Segment Type: other
Provision Reference: 
Character Range: 138791–142092

other member of key management personnel in common;
           2.                    two venturers simply because they share joint control over a joint venture;
           3.                    any of the following simply by virtue of their normal dealings with an entity (even though they may affect the freedom of action of an entity or participate in its decision-making process):
                1.                      providers of finance;
                2.                    trade unions;
                3.                  public utilities; or
                4.                  government departments and agencies; and
           1.                    a customer, supplier, franchisor, distributor or general agent with whom an entity transacts a significant volume of business, merely by virtue of the resulting economic dependence.
     [IFRS for SMEs Standard paragraph 33.4]

Disclosure of parent-subsidiary relationships
      1.                  Relationships between a parent and its subsidiaries shall be disclosed irrespective of whether there have been related party transactions. An entity shall disclose the name of its parent and, if different, the ultimate controlling party. If neither the entity's parent nor the ultimate controlling party produces financial statements available for public use, the name of the next most senior parent that does so (if any) shall also be disclosed. [IFRS for SMEs Standard paragraph 33.5]

Disclosure of key management personnel compensation
      1.                  Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity. Compensation includes all employee benefits (as defined in AASB 119) including those in the form of share-based payment (see AASB 2 Share-based Payment). Employee benefits include all forms of consideration paid, payable or provided by the entity, or on behalf of the entity (for example, by its parent or by a shareholder), in exchange for services rendered to the entity. It also includes such consideration paid on behalf of a parent of the entity in respect of goods or services provided to the entity. [IFRS for SMEs Standard paragraph 33.6]
      2.                  An entity shall disclose key management personnel compensation in total. [IFRS for SMEs Standard paragraph 33.7]
      3.                  If an entity obtains key management personnel services from another entity (the 'management entity'), the entity is not required to apply the requirements in paragraph 194 to the compensation paid or payable by the management entity to the management entity's employees or directors.
      4.                  Amounts incurred by the entity for the provision of key management personnel services that are provided by a separate management entity shall be disclosed.

Disclosure of related party transactions
      1.                  A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged. Examples of related party transactions that are common to entities within the scope of this Standard include,