Related party transactions

Are you prepared to report related party transactions in your 2023 Annual Information Statement? All charities (except Basic Religious Charities) will now be required to report related party transactions in their 2023 Annual Information Statement. Medium and large charities will also need to disclose related party transactions in their financial reports in accordance with the relevant Australian accounting standards.

In preparing for these new requirements, you may be wondering whether your conflicts of interest and related party policies, processes and practices are up to scratch. For example, do you have a conflicts of interest and related parties register that is regularly reviewed and updated? Is training provided on the main types of conflicts and how to identify, report and manage them? Does your organisation understand the risks associated with poorly managed conflicts of interest, including risks to your culture and your reputation?

If you are looking to develop a conflicts of interest policy, or to review and improve how you currently manage conflicts of interest and related party disclosures at the board or executive level, The Governance Guide can assist.

Reach out to rachel@thegovernanceguide.com.au to learn more.

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