New AASB 124 compilation issued

The AASB has issued a new compilation of AASB 124 Related Party Disclosures (available HERE).

AASB 124 was originally issued on 20 December 2005.

The only changes made in this latest compilation are the inclusion of the amendments made by AASB 2008-4, issued on 6 June 2008, which, following the inclusion of similar requirements in section 308 of the Corporations Act 2001, removed the need for disclosing entities that are companies to provide detailed key management personnel remuneration disclosures in both the remuneration report and notes to the financial statements (see our previous Newsletter article on this subject HERE).

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