The AASB has released AASB 2008-4, Amendments to Australian Accounting Standard – Key Management Personnel Disclosures by Disclosing Entities, which amends AASB 124 Related Party Disclosures. 
 
The changes allow all listed and unlisted public companies that are disclosing entities to only disclose the detailed remuneration of key management personnel in their directors’ report, and not duplicate the information in their financial report. For listed companies, this relief was previously contained in regulation 2M.6.04, which has been repealed. The AASB is now extending this relief to disclosing entities that are unlisted companies.</p> 
 
The revised AASB 124 exempts these companies from complying with paragraphs Aus 25.2- Aus 25.6, Aus 25.7.1 and Aus 25.7.2 in their financial reports as long as this information, duplicated in Section 300A of the Corporations Act 2001 and Regulation 2M.3.03, is disclosed in the directors’ report as required by this section. 
 
However the requirements of paragraphs Aus 25.7 and Aus 25.7.3 to Aus 25.9.3 remain applicable to all disclosing entities. While a number of respondents to ED 162 also requested relief from these paragraphs, no further changes will be made until the AASB concludes its ongoing discussions with Treasury re all the Australian “Aus” paragraphs in this standard.  
 
This amending standard is applicable to annual reporting periods ending on or after 30 June 2008, subject to the proviso that such an annual reporting period not begin before 30 June 2007. The Board has also decided to allow disclosing entities that are companies to apply this standard to annual reporting periods beginning on or after 30 June 2007 that end before 30 June 2008.</p> 
 
KPMG’s Flash Report on the May 2008 AASB meeting contains a useful chart [see Appendix 1] showing which reporting periods are covered by either the amendments to AASB 124 or the old Regulation – http://www.kpmg.com.au/Default.aspx?TabID=695&KPMGArticleItemID=3101.  
 
Note that non-corporate disclosing entities still apply AASB 124 paragraphs Aus 25.1 to Aus 25.9.3 as before. 
 
This article was taken from ANT22/2008 and is current up to 13 June 2008