Related Party Disclosures Policy

Policy 5.14 Version 1
Adopted 18 April 2017

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Objectives

  1. To provide guidance in complying with the Local Government Act, section 413(3), which requires Council to prepare its General Purpose Financial Statements in compliance with Australian Accounting Standards. The relevant standard for the purpose of this Policy is AASB 124 Related Party Disclosures, July 2015 (AASB 124).
  2. To ensure that the existence of certain related party relationships, related party transactions and information about the transactions, necessary for users to understand the potential effects on the Financial Statements are properly identified, recorded in Council’s systems, and disclosed in Council’s General Purpose Financial Statements in compliance with AASB 124, the Privacy and Personal Information Protection Act 1998 [PPIPA] and the Government Information (Public Access) Act 2009 [GIPAA].

Related procedures and documents