IAS 24 Related Party Disclosures
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.
Contents
Free to view
- Synopsis (including link to unaccompanied version of IAS 24)
- Related IFRICs
- UK reduced disclosures*
Financial Reporting Faculty members only
How standards trackers work
Corporate Reporting Faculty members get full access.
ICAEW members and non-members can view a brief synopsis, amendments and details of current proposals.
*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.
Synopsis
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.
The International Accounting Standards Board (IASB) provides free access to the consolidated unaccompanied international accounting standards for the current year through its website. Free registration is required.
This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions.
Which version of the standard?
Financial Reporting Faculty members who joined the faculty prior to 1 November 2022 have premium access to the consolidated edition of IFRS and amendments through the IASB's IFRS Standards Navigator service. Please log into IFRS Standards Navigator to access electronic versions of the standards through these links.
Please be aware that as part of the changes to ICAEW faculty membership, this service will be withdrawn after 31 December 2022.
The following interpretation refers to IAS 24
Provides guidance on when to recognise a liability for a levy imposed by a government.
UK reduced disclosures – FRS 101
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.
Amendments to the standard for FRS 101 preparers
There are no amendments to IAS 24 in order to comply with the Companies Act and related Regulation.
Disclosure exemptions for FRS 101 preparers
FRS 101 paragraph 8(j) states that a qualifying entity is exempt from the IAS 24 requirement to disclose the following:
- Key management personnel compensation.
- Amounts incurred for the provision of key management personnel services that are provided by a separate management entity.
- Related party transactions entered into between two or more members of a group provided that any subsidiary which is a party to a transaction is wholly owned by a member.
IAS 24 paragraphs for which exemption is available: 17 and 18A.
Other resources
Articles:
- Do you know your related parties?
This page was last updated 4 February 2022.