Improvements to IAS 24, Related Party Disclosures

Date recorded:

The Board reversed an earlier decision that would have restricted the exemption in IAS 24.4 for financial statements of parent companies and wholly-owned subsidiaries. The Board had previously agreed, as part of the Improvements project, that such financial statements could omit IAS 24 disclosures only if those financial statements are published in a single document together with the consolidated financial statements for the group to which the entity belongs. Today's decision would essentially revert back to the existing IAS 24.4, which allows the exemption if the parent company or wholly-owned subsidiary financial statements are made available at the same time as the consolidated statements.

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