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.

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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