Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Industry: Not-for-profit
  • Type: Regulatory update
  • Date: 8/08/2011

Reporting Updates

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

11RU-014 Extending related party disclosures to the not-for-profit public sector 

This Reporting Update provides a summary of ED 214 Extending related party disclosures to the not-for-profit public sector. The AASB is proposing to remove the current exemption for not-for-profit public sector entities from related party disclosures. Significantly more information, including total key management personnel remuneration, will need to be disclosed.

Key points

  • The AASB is proposing to extend AASB 124 Related party disclosures (AASB 124) to general purpose financial statements of not-for-profit (NFP) public sector entities.
  • The disclosure require of AASB 124 would apply unamended.
  • Exposure Draft 214 Extending related party disclosures to the not-for-profit public sector (ED 214) is open for comment until 31 January 2012.
IFRS Briefing Sheets - International financial reporting updates 

Financial Reporting & Accounting Standards

KPMG has extensive experience in applying accounting standards, both Australian accounting standards and IFRS, to a range of transactions.

Not-for-Profit

KPMG can help Australia's not-for-profit organisations respond effectively to challenging and complex issues facing the sector.