The Institute, CPA Australia and the NIA have prepared a joint submission to the AASB on ED 162 'Proposed Amendments to Key Management Personnel Disclosures by Disclosing Entities'. In it the accounting bodies express their support for the AASB’s proposals to eliminate duplication of requirements between the standards and the Corporations Act, but suggest a minor amendment to fix the continuing problems of duplication faced by companies with 52-week financial years that do not end on exactly 30 June.  
 
View the submission here (pdf). 
 
Background 
ED 162 ‘Proposed Amendments to Key Management Personnel Disclosures by Disclosing Entities’ proposes exempting disclosing entities that are companies from the key management personnel (KMP) disclosures contained in AASB 124 ‘Related Party Disclosures’. 
 
Currently both AASB 124 and the remuneration report in the directors’ report, prepared under the Corporations Act s300A, require remuneration details to be specified for directors and executives of listed companies. For years commencing prior to 1 July 2007, a regulation permitted listed companies to report the information only in the remuneration report, provided the information was audited. The Simpler Regulatory System legislation removed that regulation for 30 June 2008 year ends.