Introduction
In this episode we explore the compliance requirements about related parties.
Content
It’s essential for registered organisations to know who their related parties are. It’s relevant for financial reporting and also your disclosure requirements under the Fair Work (Registered Organisations) Act 2009 (the RO Act).
ROCpod was a monthly podcast created by the Registered Organisations Commission, which is now abolished. The obligations for registered organisations remain unchanged, with the functions transferred to the Fair Work Commission as the regulator from 6 March 2023. If you need further information please contact the Fair Work Commission on 1300 341 665 or email regorgs@fwc.gov.au.
Episode 26: Do you know who your related parties are?
Content
Episode highlights
01:51 Why disclose related party transactions?
07:29 Disclosure requirements for financial reporting
12:41 Good governance strategies
14:27 Disclosure requirements under the Fair Work (Registered Organisations) Act 2009
17:00 Who is a related party for the ORP statement?
23:48 RO Act exemptions to disclosures
Links
Disclaimer
ROCpod was the official podcast of the Registered Organisations Commission. It is copyright to the Commonwealth of Australia. The opinions expressed in ROCpod are the opinions of the particular speaker and not necessarily the opinions of the regulator.
This information is general and is not intended to be comprehensive, it is designed to assist in gaining an understanding of the relevant provisions of the legislation, the regulator and its work. The regulator is not able to provide legal or accounting advice.
For further information please see the registered organisations materials on our website or contact us at regorgs@fwc.gov.au.