Document ID: chunk:federal_register_of_legislation:F2023C00394:body:0:p27
Version: federal_register_of_legislation:F2023C00394
Segment Type: other
Provision Reference: 
Character Range: 70257–73256

(a)           Entities may elect to apply this Standard to annual periods beginning on or after 1 January 2014 but before 1 July 2016.
   (b)           Entities may elect to apply this Standard to annual periods beginning before 1 January 2020.
   (c)           Entities may elect to apply this Standard to annual periods beginning before 1 July 2021.
   (d)           Entities may elect to apply this Standard to annual periods beginning before 1 January 2023.

Table of amendments

Paragraph affected  How affected  By … [paragraph/page]

 AusCF1             added         AASB 2019-1 [page 20]
 11                 amended       AASB 2022-7 [9]
 Aus29.1            repealed      Legislation Act 2003, s. 48D
 Appendix B         replaced      AASB 1060 [page 63]

Deleted IAS 24 text
Deleted IAS 24 text is not part of AASB 124.
28 An entity shall apply this Standard retrospectively for annual periods beginning on or after 1 January 2011. Earlier application is permitted, either of the whole Standard or of the partial exemption in paragraphs 25–27 for government-related entities. If an entity applies either the whole Standard or that partial exemption for a period beginning before 1 January 2011, it shall disclose that fact.
28A IFRS 10, IFRS 11 Joint Arrangements and IFRS 12, issued in May 2011, amended paragraphs 3, 9, 11(b), 15, 19(b) and (e) and 25. An entity shall apply those amendments when it applies IFRS 10, IFRS 11 and IFRS 12.
28B Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraphs 4 and 9. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Earlier application of Investment Entities is permitted. If an entity applies those amendments earlier it shall also apply all amendments included in Investment Entities at the same time.
29 This Standard supersedes IAS 24 Related Party Disclosures (as revised in 2003).

Basis for Conclusions on AASB 2015-6
This Basis for Conclusions accompanies, but is not part of, AASB 124.  The Basis for Conclusions was originally published with AASB 2015-6 Amendments to Australian Accounting Standards – Extending Related Party Disclosures to Not-for-Profit Public Sector Entities.

Background
BC1 This Basis for Conclusions summarises the Australian Accounting Standards Board's considerations in deciding to extend the scope of AASB 124 Related Party Disclosures (December 2009) to the not-for-profit public sector.  Individual Board members gave greater weight to some factors than to others.
BC2 The first version of AASB 124, AASB 124 Related Party Disclosures (July 2004), applied explicitly to general purpose financial statements of companies and other for-profit entities.  The December 2005 and subsequent versions of AASB 124 specifically exempt not-for-profit public sector entities from applying AASB 124.  This exemption was provided on the grounds of practicability, including the number of intra-government transactions.