The following are deemed not to be related: * Requirement added by Annual Improvements to IFRSs 2010–2012 Cycle, effective for annual periods beginning on or after 1 July 2014. (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity*.(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).(vi) The entity is controlled or jointly controlled by a person identified in (a).If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity. (v) The entity is a post-employment defined benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity.(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.(iii) Both entities are joint ventures of the same third party.(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).(i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).(b) An entity is related to a reporting entity if any of the following conditions applies:.(iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.(ii) has significant influence over the reporting entity or.(i) has control or joint control over the reporting entity.(a) A person or a close member of that person's family is related to a reporting entity if that person:.Who are related parties?Ī related party is a person or entity that is related to the entity that is preparing its financial statements (referred to as the 'reporting entity'). The objective of IAS 24 is to ensure that an entity's financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances with such parties. History of IAS 24 DateĮxposure Draft E25 Disclosure of Related Party TransactionsĮffective for annual periods beginning on or after 1 January 2005Įxposure Draft State-controlled Entities and the Definition of a Related Party publishedĮxposure Draft Relationships with the State (Proposed amendments to IAS 24) publishedĮffective for annual periods beginning on or after 1 January 2011Īmended by Annual Improvements to IFRSs 2010–2012 Cycle (entities providing key management personnel services)Īll amendments are effective in the EU for annual periods beginning on or after 1 February 2015, however, earlier application is permitted so EU companies can adopt in accordance with the IASB effective date (1 July 2014).Īmendments under consideration by the IASB IAS 24 was reissued in November 2009 and applies to annual periods beginning on or after 1 January 2011. The standard defines various classes of entities and people as related parties and sets out the disclosures required in respect of those parties, including the compensation of key management personnel. IAS 24 Related Party Disclosures requires disclosures about transactions and outstanding balances with an entity's related parties. IAS 39 - Financial Instruments: Recognition and Measurement.IAS 37 - Provisions, Contingent Liabilities and Contingent Assets.IAS 32 - Financial Instruments: Presentation.IAS 30 - Disclosures in the Financial Statements of Banks and Similar Financial Institutions.IAS 29 - Financial Reporting in Hyperinflationary Economies.IAS 28 - Investments in Associates and Joint Ventures (2011).IAS 28 - Investments in Associates (2003).IAS 27 - Separate Financial Statements (2011).IAS 27 - Consolidated and Separate Financial Statements (2008). IAS 26 - Accounting and Reporting by Retirement Benefit Plans.IAS 21 - The Effects of Changes in Foreign Exchange Rates.IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance.IAS 10 - Events After the Reporting Period.IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.IAS 1 - Presentation of Financial Statements.
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