Related Party Disclosures

Date recorded:

The Board considered a staff proposal to consult the SAC and the IASC Foundation Trustees on adding a project to its agenda to update and clarify the requirements in IAS 24 Related Party Disclosures. The draft proposal was not available to observers.

It was explained that the main objectives of such a project would be to address:

  • a. The requirements in IAS 24 for entities with significant state ownership when they transact with similar entities; and
  • b. Whether, when an associate of an entity is preparing its own financial statements, the requirements of IAS 24 should include as related party transactions, transactions between the associate and a subsidiary of the associate's significant investor.

The Board discussed the issues set out in the agenda paper. Board members said that disclosure of transactions between entities with significant common ownership is both useful and important information.

The Board approved the staff proposal to consult with the SAC and the IASC Foundation in June regarding adding this project to the IASB's agenda.

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