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Related Party Disclosures

Date recorded:

The Board reconsidered its tentative decisions with respect to the transitional requirements for the amendments to IAS 24.

In July 2009, the Board had agreed that the amendments would be applied prospectively from the effective date, 1 January 2011.

The Board noted that the main changes to IAS 24 were:

  • A partial exemption from the disclosure requirements for transactions between a government-controlled reporting entity and that government or other entities controlled by that government; and
  • Amendments to the definition of a related party.

The Board agreed that the partial exemption from the disclosure requirements should be required to be made retrospectively, because this should result in a reduction of 'clutter' in the footnotes and an identification of better information about the nature and extent of significant transactions with the government.

In addition, the Board agreed that the definition of a related party should also be applied retrospectively from the effective date.

In addition, the Board agreed that an entity should be permitted to adopt the partial exemption for government-controlled entities before the effective date even if it does not adopt the amended definition of related party until a later date.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.