August 2023
One of the changes introduced by the Australian Charities and Not-for-profit Commission Regulations 2022 is the application of Australian Accounting Standard AASB 124 to most registered charities.
The effect of AASB 124 is to require medium and large charities to disclose material related party transactions in their financial reports for the 2022/23 reporting year and subsequently. With the exception of Basic Religious Charities, all registered charities are also required to report material related party transactions in their Annual Information Statement (AIS) from the start of their 2023 reporting period.