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Hi sir,
is the definition of IAS 24 Related Party important?According to the BPP textbook, we have to know the definition of IAS 24 well..
And also there is a definition that I don’t understand, could you please explain further?“The entity is a post-employment benefit plan for the benefit the reporting entity or an entity related to the reporting entity.”
Thank you.
Hi,
You don’t need to know the definition but you need to know what constitutes a related party, so thinking about control and influence.
The definition that you refer to is referring to the company pension scheme that is part of a separate entity, which is a related party as it is under the control of the company.
Thanks
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