Section 2700: Related Party Disclosures
International Accounting Standard 24
Related Party Disclosures
1. First version of IAS 24
"Related Party Disclosures" issued in July 1984
2. Revisions
Reformatted in 1994
Revised in December 2003
Amendment in November 2009
[U.S. GAAP Codification Topic]
850 Related party disclosures
3. Keywords to determine a related party
(1) control
(2) associate
(3) joint venture
(4) key management personnel
(5) close member of family
(6) significant voting power
(7) post-employment benefit plan
4. Related Party: Control
A party in the following case is a related party:
a party controls the entity
a party is controlled by the entity
a party is under common control with the entity
a party has significant influence over the entity
a party has joint control over the entity
5. Related Party: Associate and Joint Venture
an associate of the entity
a joint venture, where the entity is a venturer
6. Related Party: Key Management Personnel
a member of key management personnel of the entity,
a member of key management personnel of the parent of the entity
7. Related Party: Close Member of Family
a close member of family of the individual who is a related party
8. Close member of family
(1) domestic partner,
(2) children
(3) children of domestic partner
(4) dependants
(5) dependants of domestic partner
9. Related Party: Significant Voting Power
The "another party" in the following case is a related party
--> an individual, who is a related party of an entity, has the following in "another entity"
(1) controls, or
(2) jointly controls, or
(3) significantly influences, or
(4) has significant voting power
10. Related Party: Post-employment Benefit Plan
The Post-employment Benefit Plan for the following is a related party
--> employees of the entity
--> employees of a related party of the entity
11. Parents and Subsidiaries
Even if there were no transactions,
--> the relationships between parents and subsidiaries are disclosed
12. Management compensation is disclosed
--> both in total and for each of the following:
(1) share-based payment
(2) short-term benefits
(3) post-employment benefits
(4) other long-term benefits
(5) termination benefits
13. Transactions Between Related Parties, IAS 24.17
If there have been transactions between related parties, disclose the following:
(1) nature of related party relationship
(2) amount of transactions
(3) amount of outstanding balances
(4) related doubtful debts balance
(5) bad debts expense
14. Examples of Related Party Transactions, IAS 24.20
(1) purchase of goods
(2) purchase of services
(3) purchase of property
(4) purchase of other assets
(5) sale of goods
(6) services provided
(7) transfers under finance arrangements
(8) transfers under license agreements
(9) transfers of research and development
(10) leases
(11) collateral and guarantees provided
(12) settlement of liabilities for related party
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