Related Party Disclosures

This policy outlines what is expected of elected members and staff of Council in relation to Australian Accounting Standard AASB 124 Related Party Disclosures (AASB 124).

Specifically, the policy outlines the disclosure requirements under AASB 124 of Key Management Personnel (KMP), which includes elected members. It also outlines the procedures Council will follow to collect, store, manage and report on related party relationships, transactions and commitments.

Under the Local Government Act 1993 and the Audit Act 2008 all local governments in Tasmania must produce annual financial statements that comply with Australian Accounting Standards.