The following are examples of transactions that must be disclosed if they are with a related and are not an Ordinary Citizen Transaction: purchases of sales or goods (finished or unfinished); purchases or sales of property or other assets; rendering or receiving services; leases; transfers of research and development; transfers under licence agreements; transfers under finance arrangements (including loans and equity contributions in cash or kind); provisions of guarantees or collateral; commitments to do something if a particular occurs or does not occur in the future, including execution of contracts (recognised or unrecognised); and settlement of liabilities on behalf of Council or by Council on behalf of the related 3. Disclosure of Information 3.1 Council disclosure AASB 124 provides that Council must disclose the following financial information in its financial statements for each financial year period: the nature of any related party relationships; the amount of the transactions; the amount of outstanding balances, including commitments, including: (i) their terms and conditions, whether they are secured, and the nature of the consideration to be provided in settlement; and (ii) details of any guarantees given or received; provisions for doubtful debts related to the amount of outstanding balances; and the expense recognised during the period in respect of bad or doubtful debts due from related parties. The following matters must be considered in determining the materiality and significance of any related party transactions: significance of transaction in terms of size; • whether the transaction was carried out on non-market • whether the transaction is outside normal day-to-day business • operations, such as the purchase and sale of assets; whether the transaction is disclosed to regulatory or supervisory • authorities; whether the transaction has been reported to senior management; and • whether the transaction was subject to Council approval. • Regard must also be given for transactions that are collectively, but not individually significant.
The following are examples of transactions that must be disclosed if they are with a related and are not an Ordinary Citizen Transaction: purchases of sales or goods (finished or unfinished); purchases or sales of property or other assets; rendering or receiving services; leases; transfers of research and development; transfers under licence agreements; transfers under finance arrangements (including loans and equity contributions in cash or kind); provisions of guarantees or collateral; commitments to do something if a particular occurs or does not occur in the future, including execution of contracts (recognised or unrecognised); and settlement of liabilities on behalf of Council or by Council on behalf of the related 3. Disclosure of Information 3.1 Council disclosure AASB 124 provides that Council must disclose the following financial information in its financial statements for each financial year period: the nature of any related party relationships; the amount of the transactions; the amount of outstanding balances, including commitments, including: (i) their terms and conditions, whether they are secured, and the nature of the consideration to be provided in settlement; and (ii) details of any guarantees given or received; provisions for doubtful debts related to the amount of outstanding balances; and the expense recognised during the period in respect of bad or doubtful debts due from related parties. The following matters must be considered in determining the materiality and significance of any related party transactions: • significance of transaction in terms of size; • whether the transaction was carried out on non-market • whether the transaction is outside normal day-to-day business operations, such as the purchase and sale of assets; • whether the transaction is disclosed to regulatory or supervisory authorities; • whether the transaction has been reported to senior management; and • whether the transaction was subject to Council approval. Regard must also be given for transactions that are collectively, but not individually significant.