(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. IAS 39 - Financial Instruments: Recognition and MeasurementĮxposure 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)Įffective for annual periods beginning on or after 1 July 2014Īmendments under consideration by the IASB.IAS 37 - Provisions, Contingent Liabilities and Contingent Assets.IAS 35 - Discontinuing Operations (Superseded).IAS 32 - Financial Instruments: Presentation.IAS 30 - Disclosures in the Financial Statements of Banks and Similar Financial Institutions.IAS 29 - Financial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 (2003). IAS 28 - Investments in Associates and Joint Ventures (2011).IAS 27 - Consolidated and Separate Financial Statements (2008).IAS 27 - Separate Financial Statements (2011).IAS 26 - Accounting and Reporting by Retirement Benefit Plans.IAS 22 - Business Combinations (Superseded).IAS 21 - The Effects of Changes in Foreign Exchange Rates.
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