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Newsletter on amendments to IAS 24

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16 Nov 2009

Deloitte's IFRS Global Office has published an (PDF 68k) explaining the changes to IAS 24 that the IASB issued on 4 November 2009. The amendments provide a partial exemption from the disclosure requirements for government-related entities and clarify the definition of a related party.

The revised IAS 24 also clarifies that disclosure is required of any commitments of a related party to do something if a particular event occurs or does not occur in the future, including executory contracts (recognised and unrecognised). The revised standard is effective for annual periods beginning on or after 1 January 2011, with earlier application permitted.
Click to view IAS Plus Update IASB Issues Amendments to IAS 24 (PDF 68k). Links to all past IAS Plus Update newsletters are Here.


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