Pecuniary Interest Form and AASB 124 Related Party Transaction disclosures AASB 124 Pecuniary Interest disclosures in the Form (schedule 3 – financial form of return – statements disclosure of interest) Purpose of Disclose Disclose transactions the transactions that result in the disclosure between the Councillor getting a Council and related gain or loss because parties of the of their position on Council to inform the Council or of the financial conflicts of interest statements Relevant Local Government Local Government legislation Act Act chapter 14 – AASB 124 Government Regulation 2005 – part 8 What is Transactions Pecuniary interest - included? between the interest that a “an Council and related person has in a parties of the matter because of a Council. reasonable likelihood or expectation of appreciable financial gain or loss to the person” Who needs Key The councillors to be management The general considered? personnel manager (KMP) senior Close family staff of the members of Council KMP Person who Related the entities of position of a
Pecuniary Interest Form and AASB 124 Related Party Transaction disclosures AASB 124 disclosures in the financial statements Pecuniary Interest Form (schedule 3 – form of return – disclosure of interest) Purpose of the disclosure Disclose transactions between the Council and related parties of the Council to inform of the financial statements Disclose transactions that result in the Councillor getting a gain or loss because of their position on the Council or conflicts of interest Relevant legislation Local Government Act AASB 124 Local Government Act – chapter 14 Government Regulation 2005 – part 8 What is included? Transactions between the Council and related parties of the Council. Pecuniary interest - “an interest that a person has in a matter because of a reasonable likelihood or expectation of appreciable financial gain or loss to the person” Who needs to be considered? Key management personnel (KMP) Close family members of KMP Related entities of The councillors The general manager senior staff of the Council Person who the position of a
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