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IAS 24 Related Parties Disclosure

This topic has 1 reply, 2 voices, and was last updated 4 years ago by Masood.

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May 31, 2020 at 7:29 am #572399
fairlygladys
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- Topics: 9
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Hi,
If the previous year there are related parties transactions while this is doesn’t exist, do we still require to disclosed in the financial statement?
Example:
2020 2019
Puchase with ABC Nil £1,000,000
Or this section can fully be removed?
August 3, 2020 at 8:54 pm #579103
Masood
Member
- Topics: 0
- Replies: 18
You mean if there were no transaction with related party in current year?
Of course there will not be any disclosure unless we still owe that amount.
Disclosure is only needed if there is a transaction with related party in current year.
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