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IAS 24 Related Parties Disclosure

Forums › ACCA Forums › ACCA SBR Strategic Business Reporting Forums › IAS 24 Related Parties Disclosure

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  • May 31, 2020 at 7:29 am #572399
    fairlygladys
    Member
    • Topics: 9
    • Replies: 33
    • ☆

    Hi,
    If the previous year there are related parties transactions while this is doesn’t exist, do we still require to disclosed in the financial statement?

    Example:
    2020 2019
    Puchase with ABC Nil £1,000,000

    Or this section can fully be removed?

    August 3, 2020 at 8:54 pm #579103
    Masood
    Member
    • Topics: 0
    • Replies: 18
    • ☆

    You mean if there were no transaction with related party in current year?

    Of course there will not be any disclosure unless we still owe that amount.

    Disclosure is only needed if there is a transaction with related party in current year.

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