Update on Related Party Disclosures by local government
This bulletin provides local governments with information to assist in complying with AASB 124 Related Party Disclosures.
Local governments are required to prepare audited annual financial statements that comply with local government legislation and the Australian Accounting Standards (AAS).
AASB 124 Related Party Disclosures applied to local government for the first time in 2016–17.
River Improvement Trusts
Queensland Treasury has provided advice ( 32 KB) regarding accounting standard consequences arising from the relationship between local governments and River Improvement Trusts (RITs).
Local governments that have one or more RITs operating within their local government area should refer to this advice when determining their Related Party Disclosures.
In addition, individual councillors, who are members of a RIT, will be asked to provide a declaration form to the RIT to enable the trust to satisfy AASB 124 and audit requirements.
Other information about Related Party Disclosures
For further information about Related Party Disclosures, please refer to:
- The department's published bulletin.
- Tropical Council Illustrative General Purpose Financial Statements for 2016–17 ( 759 KB).
- AASB 124 Related Party Disclosures.
- The list of frequently asked questions and answers ( 127 KB) arising from the department’s “Tropical” workshops, held in March 2017. The answers to these questions are the same as the draft distributed to “Tropical” workshop attendees.
Any further enquiries on this matter should be addressed to:
Mrs Samantha Cieslar
Finance and Funding
Department of Infrastructure, Local Government and Planning
P: (07) 3452 6721