Scheme remuneration relief released

Registered schemes that are disclosing entities have been given short-term relief on requirements to reveal remuneration paid directly or indirectly to directors and executives of their responsible entities.

The Australian Securities and Investments Commission class order covers financial years and half-years ending June 30 2004 up to, but not including, September 30 2004.

The order was made following a request by the Australian Accounting Standards Board for relief from any disclosure requirements of AASB 1046 Director and Executive Disclosures by Disclosing Entities.

The board sought the relief because Investment and Financial Services Association Limited members had only become aware of AASB 1046’s applicability so close to the end of the financial year.

The class order does not provide relief to registered schemes that are not disclosing entities in relation to AASB 1017 ‘Related Party Disclosures’.