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Removal of Individual Key Management Personnel Disclosure Requirements Regulation Impact Statement – Australian Accounting Standards Board

On 7 July 2011, the Australian Accounting Standards Board issued Australian Accounting Standard AASB 2011-4 Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements. This Standard makes amendments to Australian Accounting Standard AASB 124 Related Party Disclosures, including removing individual key management personnel disclosure requirements. Among the Board’s reasons for removing the disclosure requirements from AASB 124 are that these disclosures: 

  • are not part of International Financial Reporting Standards; and
  • are considered to be more in the nature of governance disclosures that are better dealt with as part of the Corporations Act 2001.

The Regulation Impact Statement was prepared by the Australian Accounting Standards Board, and was assessed as adequate by the Office of Best Practice Regulation.