RELATED PARTY LOANS At the end of the 2013 financial reporting period, Westpac Banking Corporation had a
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RELATED PARTY LOANS At the end of the 2013 financial reporting period, Westpac Banking Corporation had a number of outstanding loans it had advanced to directors. These loans included a year-end balance of over $2 million each to two key management personnel, Mr Brad Cooper and Ms Christine Parker. Required Locate Note 41 in Westpac Banking Corporation’s 2013 annual report (www.westpac.com.au) and write a report on the appropriateness of the disclosures of loan amounts outstanding at year end with (1) directors, (2) other key management personnel. Your report should explain why the AASB/IASB requires information about loans with key management personnel to be disclosed. It should also include a summary of the other related party disclosures included in Note 41.
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