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Chapter 26 - Related party disclosures: IAS 24. The main contents of the chapter consist of mains parts: Related standards, IAS 24, current GAAP comparisons, IFRS financial statement disclosures, looking ahead, end-of-chapter practice. | Related Party Disclosures: IAS 24 Wiecek and Young IFRS Primer Chapter 26 Related Party Disclosures Related standards IAS 24 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards FAS 57 Related Party Disclosures IAS 24 – Objective and Scope Related-party transactions are different from other types of transactions Arm’s-length transactions Users may assume that the transaction reflects fair value Would be entered into during the normal course of business or with valid business reason from the entity’s perspective Related-party transactions May be entered into for other reasons May be transacted at amounts other than fair value IAS 24 – Objective and Scope Parties are related if: (a) directly, or indirectly through one or more intermediaries, the party: (i) controls, is controlled by, or is under common control with, the entity (ii) has an interest in the entity that gives it significant influence over the entity; or (iii) has joint control over the entity; (b) the party is an associate of the entity; (c) the party is a joint venture in which the entity is a venturer (d) the party is a member of the key management personnel of the entity or its parent; (e) the party is a close member of the family of any individual referred to in (a) or (d); (f) the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which significant voting power in such entity resides with, directly or indirectly, any individual referred to in (d) or (e); or (g) the party is a post-employment benefit plan for the benefit of employees of the entity, or of any entity that is a related party of the entity. IAS 24 – Objective and Scope Control the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities Joint control the contractually agreed sharing of control over an economic activity Significant influence the power to . | Related Party Disclosures: IAS 24 Wiecek and Young IFRS Primer Chapter 26 Related Party Disclosures Related standards IAS 24 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice Related Standards FAS 57 Related Party Disclosures IAS 24 – Objective and Scope Related-party transactions are different from other types of transactions Arm’s-length transactions Users may assume that the transaction reflects fair value Would be entered into during the normal course of business or with valid business reason from the entity’s perspective Related-party transactions May be entered into for other reasons May be transacted at amounts other than fair value IAS 24 – Objective and Scope Parties are related if: (a) directly, or indirectly through one or more intermediaries, the party: (i) controls, is controlled by, or is under common control with, the entity (ii) has an interest in the entity that gives it significant influence over the .
