2016-08-09 Services & Organisation Committee Agenda

SERVICES & ORGANISATION COMMITTEE MEETING AGENDA   9 AUGUST 2016




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SERVICES & ORGANISATION COMMITTEE MEETING AGENDA                                                  9 AUGUST 2016

           COUNCIL POLICY - Related Party Disclosures

           (vii) A person who has control or joint control of Noosa Council has significant influence over the
                   relevant entity or is a member of the KMP of the entity.
           (viii) The entity, or any member of the group of which it is a part, provides KMP services to Noosa
                   Council.
           Practical Examples of Related Entities
           Below are some practical examples of possible related entities to Noosa Council:
           e   Acompany, which is controlled or jointly controlled by a member of Noosa Council’s KMP.
           e   Acompany, which is controlled or jointly controlled by a close family member of Noosa
               Council's KMP.
           e   A subsidiary company of Noosa Council.

           5    REQUIRED DISCLOSURES

           AASB 124 provides that Noosa Council must disclose the following financial information in the
           financial statements for each financial year period.

           5.1   Disclosure of relationship between Noosa Council and its subsidiaries
           Noosa Council must disclose in the annual financial statements its relationship with any subsidiaries
           (where applicable), whether or not there have been transactions within the relevant reporting period.

           5.2   KMP Compensation Disclosures
           Noosa Council must disclose in the annual financial statements KMP compensation (as defined in
           definitions) in total and for each of the following categories:
           e   Short-term employee benefits;
           e   Post-employment benefits;
           e   Other long-term benefits; and
           e   Termination benefits.

           5.3   Related Party Transactions Disclosures
           A related party transaction is a transfer of resources, services or obligations between Council and
           a related party, regardless of whether a price is charged. Such transactions may include:
           e   Purchase or sale of goods;
           e   Purchase or sale of property and other assets;
           e   Rendering or receiving services;
           e   Leases;
           e   Quotations and/or tenders;
           e   Commitments; and
           e   Settlements of liabilities on behalf of Noosa Council or by Noosa Council on behalf of the related
               party.
           Noosa Council must disclose all material and significant related party transactions in the annual
           financial statements and include the following detail:

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