Munich Personal RePEc Archive

IAS 24, Related Party Disclosures - A Closer Look

Muthupandian, K S (2009): IAS 24, Related Party Disclosures - A Closer Look. Published in: The Management Accountant , Vol. 45, No. 1 (January 2010): pp. 41-50.

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Abstract

The International Accounting Standards Committee issued the the International Accounting Standard 24, Related Party Disclosures. IAS 24 requires entities to disclose in their financial statements information about transactions with related parties. In broad terms, two parties are related to each other if one party controls, or significantly influences, the other party. 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 and outstanding balances with such parties. This article presents a closer look of the standard (objective, scope, definitions and disclosures).

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