Published for our clients and staff throughout the world May 2008 – Special edition IAS Plus website Over 6.2 million people have visited our www.iasplus.com web site. by Sanjeev Shrivastava On January 23, 2020 0 Comment. For further reading on IAS 24: Related Party Disclosures I would recommend this overview on the standard from BDO international. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. MikeLittle. IAS Plus [ Need Help ? [IAS 24.21]. Disclose key management personnel compensation in total and for each of the following categories: [IAS 24.17], Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the entity, directly or indirectly, including any directors (whether executive or otherwise) of the entity. The standard defines various classes of entities and people as related parties and sets out the disclosures required in respect of those parties, including the compensation of key management personnel. The ob­ject­ive of IAS 24 is to ensure that an entity's fin­an­cial state­ments contain the dis­clos­ures ne­ces­sary to draw at­ten­tion to the pos­sib­il­ity that its fin­an­cial po­s­i­tion and profit or loss may have been af­fected by the ex­ist­ence of related parties and by trans­ac­tions … Viewing 2 posts - 1 through 2 (of 2 total) Author. All amendments are effective in the EU for annual periods beginning on or after 1 February 2015, however, earlier application is permitted so EU companies can adopt in accordance with the IASB effective date (1 July 2014). This topic has 7 replies, 2 voices, and was last updated 5 years ago by . * Requirement added by Annual Improvements to IFRSs 2010–2012 Cycle, effective for annual periods beginning on or after 1 July 2014. The IFRS Interpretations Committee considered comment letters received on the proposals included in the 2010-2012 cycle of annual improvements to extend the definition of a 'related party' to include management entities and make other amendments to IAS 24. If there have been transactions between related parties, disclose the nature of the related party relationship as well as information about the transactions and outstanding balances necessary for an understanding of the potential effect of the relationship on the financial statements. February 3, 2019 at 5:00 am #503989. aarina. IAS 24 Related Party Disclosures The Board has not undertaken any specific implementation support activities relating to this Standard. Please read, The UK’s withdrawal from the European Union, International Financial Reporting Standards, IAS 1 — Presentation of Financial Statements, IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 — Events After the Reporting Period, IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance, IAS 21 — The Effects of Changes in Foreign Exchange Rates, IAS 26 — Accounting and Reporting by Retirement Benefit Plans, IAS 27 — Consolidated and Separate Financial Statements (2008), IAS 27 — Separate Financial Statements (2011), IAS 28 — Investments in Associates (2003), IAS 28 — Investments in Associates and Joint Ventures (2011), IAS 29 — Financial Reporting in Hyperinflationary Economies, IAS 30 — Disclosures in the Financial Statements of Banks and Similar Financial Institutions, IAS 32 — Financial Instruments: Presentation, IAS 37 — Provisions, Contingent Liabilities and Contingent Assets, IAS 39 — Financial Instruments: Recognition and Measurement, European Union formally adopts Annual Improvements to IFRS - Cycle 2010-2012 and amendments to IAS 19, Agenda for May 2014 Emerging Economies Group meeting, EFRAG issues final endorsement advice on amendments to IFRSs. 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