IAS 24 Related Party Transactions

A party related to an entity,  if directly or indirectly related  through one or more intermediaries.

The party is under common control includes parents, and subsidiaries.

  • Joint control over the entity.
  • Significant influence.
  • Associate
  • Joint venture in which a company is a venture.
  • member of Key management personnel.
  • Close member of a family.
  • Significant voting power.
  • Post employment benefit plan.

Related party disclosures example transactions;

  1. Purchases or sales of goods ( finished or unfinished, property and other assets).
  2. Rendering or receiving of services.
  3. Leases.
  4. Transfers of research and development.
  5. Provisions of guarantees and collaterals.
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About Jonathan Ruiz CPA

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.
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