Our Draft Revised Related Party Disclosures Policy is now available for comment and can be downloaded here.
The purpose of this policy is to ensure that AlburyCity complies with Australian Accounting Standards AASB 124 – Related Party Disclosures by providing a framework for defining, identifying and disclosing information about Related Parties and Related Party Transactions.
The Australian Accounting Standards require not-for-profit entities (including local government) to disclose related party relationships and transactions in their annual general purpose financial statements. Prior to 2016/17 not-for-profit entities were not subject to the requirements of AASB 124 related party disclosures.
Comments will be received until close of business Friday 23 October, 2020.