The Furuta pendulum, or rotational inverted pendulum, is a system found in many control labs. It provides a compact yet impressive platform for control demonstrations and draws the attention of the control community as a platform for the development of nonlinear control laws. Despite the popularity of the platform, there are very few papers which employ the correct dynamics and only one that derives the full system dynamics. In this paper, the full dynamics of the Furuta pendulum are derived using two methods: a Lagrangian formulation and an iterative Newton-Euler formulation. Approximations are made to the full dynamics which converge to the more commonly presented expressions. The system dynamics are then linearised using a Jacobian. To illustrate the influence the commonly neglected inertia terms have on the system dynamics, a brief example is offered.