Knowledge base for IFRS Annual Reporting
Last Updated on 07/02/2020 by 75385885
1 The objective of this Standard 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, including Read more
Last Updated on 07/02/2020 by 75385885
Disclosures
All entities
13 Relationships between a parent and its subsidiaries shall be disclosed irrespective of whether there have been transactions between them. An entity shall disclose the name of its parent and, if different, the ultimate controlling party. If neither the entity’s parent nor the ultimate controlling party produces consolidated financial statements available for public use, the name of the next most senior parent that does so shall also be disclosed.
14 To enable users of financial statements to form a view about the effects of related party relationships on an entity, it is appropriate to disclose the related party relationship when control exists, … Read more
Last Updated on 07/02/2020 by 75385885
Illustrative examples
The following examples accompany, but are not part of, IAS 24 Related Party Disclosures. They illustrate:
In the examples, references to ‘financial statements’ relate to the individual, separate or consolidated financial statements.
Partial exemption for government-related entities
Example 1 – Exemption from disclosure (paragraph 25)
IE1 Government G directly or indirectly controls Entities 1 and 2 and Entities A, B, C and D. Person X is a member of the key management personnel of Entity 1.
IE2 For Entity A’s … Read more