Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 11/04/2011

Reporting Updates

Reporting Updates
Reporting Updates (formerly known as Flash Reports) outline changes occurring within the Australian financial reporting environment.

11RU-007 New ASIC guidance on approvals of related party transactions 

This Reporting Update summarises the amendments to Regulatory Guides 76, 111 and 112 which detail ASIC’s views and guidance in relation to approvals of related party transactions, contents of independent expert reports and independence of experts.

Key points

 

  • More types of related-party transactions may require member approval.
  • Experts may need to change their processes for evaluating related party transactions and independence.
  • Increased disclosure in transaction documents.
  • Applicable from 30 March 2011.

 

This Reporting Update supersedes 10RU-027 issued in October 2010.

IFRS Briefing Sheets - International financial reporting updates