Print

Update on Related Party Disclosures by local government

Purpose

This bulletin provides local governments with information to assist in complying with AASB 124 Related Party Disclosures.

Background

Local governments are required to prepare audited annual financial statements that comply with local government legislation and the Australian Accounting Standards (AAS).

AASB 124 Related Party Disclosures applied to local government for the first time in 2016–17.

Key issues

River Improvement Trusts

Queensland Treasury has provided advice (Word icon 32 KB) regarding accounting standard consequences arising from the relationship between local governments and River Improvement Trusts (RITs).

Local governments that have one or more RITs operating within their local government area should refer to this advice when determining their Related Party Disclosures.

In addition, individual councillors, who are members of a RIT, will be asked to provide a declaration form to the RIT to enable the trust to satisfy AASB 124 and audit requirements.

Other information about Related Party Disclosures

For further information about Related Party Disclosures, please refer to:

Further Information

Any further enquiries on this matter should be addressed to:

Mrs Samantha Cieslar
Finance and Funding
Department of Infrastructure, Local Government and Planning
P: (07) 3452 6721
E: This email address is being protected from spambots. You need JavaScript enabled to view it..

Joomla SEF URLs by Artio