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Educational Material on Ind AS 24 Related Party Disclosures

Educational Material on Ind AS 24 Related Party Disclosures

Ind AS 24 Related Party Disclosures : Ind AS 24 Related Party Disclosures requires disclosures about transactions and outstanding balances with an entity’s related parties. The standard defines various classes of entities and people as related parties and sets out the disclosures required in respect of those parties, including the compensation of key management personnel. Ind AS 24 was reissued in November 2009 and applies to annual periods beginning on or after 1 January 2011.

History of Ind AS 24

DateDevelopmentComments
March 1983Exposure Draft E25 Disclosure of Related Party Transactions 
July 1984Ind AS 24 Related Party Disclosures issuedEffective 1 January 1986
1994Ind AS 24 was reformatted 
18 December 2003Ind AS 24 Related Party DisclosuresEffective for annual periods beginning on or after 1 January 2005
22 February 2007Exposure Draft State-controlled Entities and the Definition of a Related Party publishedComment deadline 25 May 2007
11 December 2008Exposure Draft Relationships with the State (Proposed amendments to Ind AS 24) publishedComment deadline 13 March 2009
4 November 2009Ind AS 24 Related Party Disclosures issuedEffective for annual periods beginning on or after 1 January 2011
12 December 2013Amended by Annual Improvement IFRSs 2010-2012 cycle  (entities providing key management personnel services)Effective for annual periods beginning on or after 1 July 2014

Educational Material on Ind AS 24 Related Party Disclosures

Ind AS 24 Related Party Disclosures : Ind AS 24 along with other Ind ASs has been notified by  the Ministry of Corporate Affairs (MCA) on February  25, 2011. However, the date of its implementation is  yet to be notified. Ind AS 24 governs the disclosure of  related party relationships, transactions and outstanding  balances, including commitments, in the consolidated  and separate financial statements of a parent, a venturer  or an investor presented in accordance with the Indian  Accounting Standard (Ind AS) 27- Consolidated and  Separate Financial Statements. This Standard also  applies to individual financial statements. Ind AS 24 – Related Party Disclosures is the only  standard that looks up the definition of Relatives under  the Companies Act for defining close members under  the standard. The new Companies Act, 2013 includes  the revised definition of Relatives.

Objective of Ind AS 24

The objective of Ind AS 24 is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances with such parties

SCOPE of Ind AS 24

The purpose of this Invitation to Comment is to seek feedback on a proposed standard for the disclosure of information about transactions between the entity and its related parties necessary for users to understand the effect that those transactions may have had on its financial position and performance.

Disclosure 

Relationships between parents and subsidiaries. Regardless of whether there have been transactions between a parent and a subsidiary, an entity must disclose the name of its parent and, if different, the ultimate controlling party. If neither the entity’s parent nor the ultimate controlling party produces financial statements available for public use, the name of the next most senior parent that does so must also be disclosed. [Ind AS 24.16]

Management compensation. Disclose key management personnel compensation in total and for each of the following categories: [Ind AS 24.17]

  • short-term employee benefits
  • post-employment benefits
  • other long-term benefits
  • termination benefits
  • share-based payment benefits

Relevant link to download the Educational Material: 

Educational Material on Ind AS 24 Related Party Disclosures 

Ind AS Related all Posts :

Educational Material on Ind AS 24 Related Party Disclosures

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