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2016-08-09 Services & Organisation Committee Agenda
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SERVICES & ORGANISATION COMMITTEE MEETING AGENDA 9 AUGUST 2016
Page 24 of 148
SERVICES & ORGANISATION COMMITTEE MEETING AGENDA 9 AUGUST 2016
COUNCIL POLICY - Related Party Disclosures
make on the basis an entity's financial statements. For the purpose of this policy, it is not considered
appropriate to set either a dollar value or a percentage value to determine materiality.
Related party is an affiliate; an employee; members of the immediate family of an employee; and
persons having a controlling influence on controlled entities.
Related party transaction is a transfer of resources, services or obligations between a reporting
entity and a related party, regardless of whether a price is charged.
Significant (significance) means likely to influence the decisions that users of the Council’s
financial statements make having regard to both the extent (value and frequency) of the transactions,
and that the transactions have occurred between the Council and related party outside a public
service provider/ taxpayer relationship.
9 RELEVANT LEGISLATION
Local Government Act 2009
Local Government Regulation 2012
Australian Accounting Standards and interpretations
Page 6 of 6
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