Reference AASB124.9 A related party is a person that controls or has significant influence over the reporting entity, or is a member of the Key Management Personnel (KMP) of the reporting entity or its parent entity, and includes their close family members and entities in which the KMP and/or their close family members individually or jointly have controlling interests. KMP are those persons having authority and responsibility for planning, directing and controlling the activities of the Agency’, directly or indirectly. ‘Example KMP of the Agency’ are the Portfolio Minister, Director-General and certain members ‘Example of the Senior Management Team. The Head of Service and the ACT Executive comprising the Cabinet Ministers are KMP of the ACT Government and therefore related parties of Agency’. ‘Example This note does not include typical citizen transactions between the KMP and Agency’ ‘Example that occur on terms and conditions no different to those applying to the general public. (A) CONTROLLING ENTITY Agency’ is an ACT Government controlled entity. ‘Example (B) KEY MANAGEMENT PERSONNEL B.1 Compensation of Key Management Personnel Compensation of all Cabinet Ministers, including the Portfolio Minister, is disclosed in the note on related party disclosures included in the ACT Executive’s financial statements for the year AASB124.9 ended 30 June 2018. Compensation defined Compensation of the Head of Service is included in the note on related party disclosures included in the Chief Minister, Treasury and Economic Development Directorate’s (CMTEDD) financial statements for the year ended 30 June 2018. Two of the KMP of Agency’ are employees of CMTEDD and are compensated by ‘Example CMTEDD [Amend as Required]. Compensation by Agency’ to KMP is set out below. ‘Example AASB124.17 AASB124.18 to B.2 Transactions with Key Management Personnel 21 It is not expected that agencies will have material transactions with KMP. If they do they should make the relevant disclosures in a similar format to the table in B.3 below. Note 47. Related Disclosures Continued Reference –
Reference AASB124.9 A related party is a person that controls or has significant influence over the reporting entity, or is a member of the Key Management Personnel (KMP) of the reporting entity or its parent entity, and includes their close family members and entities in which the KMP and/or their close family members individually or jointly have controlling interests. KMP are those persons having authority and responsibility for planning, directing and controlling the activities of the ‘Example Agency’, directly or indirectly. KMP of the ‘Example Agency’ are the Portfolio Minister, Director-General and certain members of the Senior Management Team. The Head of Service and the ACT Executive comprising the Cabinet Ministers are KMP of the ACT Government and therefore related parties of ‘Example Agency’. This note does not include typical citizen transactions between the KMP and ‘Example Agency’ that occur on terms and conditions no different to those applying to the general public. (A) CONTROLLING ENTITY ‘Example Agency’ is an ACT Government controlled entity. AASB124.9 Compensation defined (B) KEY MANAGEMENT PERSONNEL B.1 Compensation of Key Management Personnel Compensation of all Cabinet Ministers, including the Portfolio Minister, is disclosed in the note on related party disclosures included in the ACT Executive’s financial statements for the year ended 30 June 2018. Compensation of the Head of Service is included in the note on related party disclosures included in the Chief Minister, Treasury and Economic Development Directorate’s (CMTEDD) financial statements for the year ended 30 June 2018. Two of the KMP of ‘Example Agency’ are employees of CMTEDD and are compensated by CMTEDD [Amend as Required]. Compensation by ‘Example Agency’ to KMP is set out below. AASB124.17 AASB124.18 to 21 B.2 Transactions with Key Management Personnel It is not expected that agencies will have material transactions with KMP. If they do they should make the relevant disclosures in a similar format to the table in B.3 below. Reference Note 47. Related Disclosures – Continued
Draft-Disclosure-Note.docx