Hi sir,
Are related party transactions disclosed in both individual and conso statements?
Are key audit matter,other information and other reporting responsibilities included in modified opinion as well?
Thank you
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IAS 24
5y ago#1This is the scope para of IAS 24:
This Standard requires disclosure of related party relationships, transactions and outstanding
balances, including commitments, in the consolidated AND separate financial statements of a parent, venturer or investor presented in accordance with IAS 27 Consolidated and Separate Financial Statements. This Standard also applies to individual financial statements.
See page 117 of the notes - there is a general principle that matters are reported only ONCE - so if, for example, an opinion is modified, the reason will be described in the basis of opinion. There is a presumption that this will have been a matter communicated to TCWG - so it doesn't get duplicated in a KAM.
You may also find this post helpful https://opentuition.com/topic/kam-and-eom-2
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