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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?
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.
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