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IAS 24

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › IAS 24

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • June 5, 2021 at 1:44 pm #623286
    gayathree1234
    • Topics: 36
    • Replies: 1
    • ☆

    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

    June 5, 2021 at 2:42 pm #623287
    Kim Smith
    Keymaster
    • Topics: 88
    • Replies: 6093
    • ☆☆☆☆☆

    This 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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