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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.

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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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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.

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This page was last updated 4 February 2022.