IAS 24 Related Party Disclosures sets out the disclosure requirements regarding related parties, including transactions, outstanding balances and commitments with such parties. Revised December 2003. Effective 1 January 2005. Revised November 2009. Effective 1 January 2011.
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*UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Find out more on which entities qualify and the criteria to be met.
IAS 24 defines a related party to include an entity’s subsidiaries, associates, joint venture interests, key management and close family members of key management.
The standard requires an entity’s transactions with related parties, regardless of whether a price is charged, to be disclosed in that entity’s financial statements.
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To be applied to annual periods beginning on or after 1 July 2014 (1 February 2015 for EU preparers). Earlier application is permitted.
As part of the annual improvements 2010-2012 cycle, IAS 24 is amended to clarify that an entity providing key management personnel services to the reporting entity or to the parent of the reporting entity is a related party of the reporting entity.
Provides guidance on when to recognise a liability for a levy imposed by a government.
UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Find out more on which entities qualify and the criteria to be met.
There are no amendments to IAS 24 in order to comply with the Companies Act and related Regulation.
FRS 101 paragraph 8(j) states that a qualifying entity is exempt from the IAS 24 requirement to disclose the following:
IAS 24 paragraphs for which exemption is available: 17 and 18A.
This page was last updated 23 April 2018