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Hi,
I would kindly like your clarification on the following:
IAS 24 requires an entity to disclose the following:
(1) The name of its parent and, if different, the ultimate controlling party irrespective of
whether there have been any transactions.(2) Total key management personnel compensation (broken down by category)
(3) If the entity has had related party transactions:
(i) Nature of the related party relationship
(ii) Information about the transactions and outstanding balances, including commitments and bad and doubtful debts necessary for users to understand the potential effect of the relationship on the financial statementsThe first two are compulsory disclosures, right, whether or not there has been a transaction?
And all three of them are to be disclosed in the individual financial statements of the subsidiary, associate or joint venture, right?
Is anything to be disclosed in the consolidated financial statements?
Thanks
All three disclosures are required in all sets of accounts.
However in the parents accounts I would disclose related party transactions with the subsidiary.
In the subsidiary accounts I would disclose transactions with the parent.
In the group accounts these intercompany transactions will have cancelled out and therefore would not be disclosed
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