Related Party Disclosures Policy

Under the Local Government Act, 1993 and Local Government (General) Regulation, 2021 all local governments in New South Wales must produce annual financial statements that comply with Australian Accounting Standards. From 1 July 2016, the Australian Accounting Standards Board has determined that AASB 124 related party disclosures will apply to government entities, including local governments. Council is required to disclose Related Party Relationships and Key Management Personnel (KMP) compensation in its annual financial statements.

The purpose of this policy is to define the parameters for Related Party Relationships and the level of disclosure and reporting required for Council to achieve compliance with the Australian Accounting Standard AASB 124 - Related Party Disclosures.