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Hi Mike
Why are directors emoluments related party transactions?
paper June 13 q Retriever
Because a director is a related party to the entity
Here’s an extract from IAS 24:
“Who are related parties?
A related party is a person or entity that is related to the entity that is preparing its financial statements (referred to as the ‘reporting entity’) [IAS 24.9].
(a) A person or a close member of that person’s family is related to a reporting entity if that person:
(i) has control or joint control over the reporting entity;
(ii) has significant influence over the reporting entity; or
(iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.”
OK?
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