IAS24_06 - IAS 24 International Accounting Standard 24...

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IAS 24 © IASCF 1187 International Accounting Standard 24 Related Party Disclosures This version includes amendments resulting from Amendment to IAS 19 Employee Benefits –Actuarial Gains and Losses, Group Plans and Disclosures issued on 16 December 2004.
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IAS 24 1188 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN13 INTERNATIONAL ACCOUNTING STANDARD 24 RELATED PARTY DISCLOSURES OBJECTIVE 1 SCOPE 2–4 PURPOSE OF RELATED PARTY DISCLOSURES 5–8 DEFINITIONS 9–11 DISCLOSURE 12–22 EFFECTIVE DATE 23–23A WITHDRAWAL OF IAS 24 (REFORMATTED 1994) 24 APPENDIX Amendment to IAS 30 APPROVAL OF IAS 24 BY THE BOARD BASIS FOR CONCLUSIONS
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IAS 24 © IASCF 1189 International Accounting Standard 24 Related Party Disclosures (IAS 24) is set out in paragraphs 1–24 and the Appendix. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 24 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IAS 24 1190 © IASCF Introduction IN1 International Accounting Standard 24 Related Party Disclosures (IAS 24) replaces IAS 24 Related Party Disclosures (reformatted in 1994) and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. IN2 The International Accounting Standards Board developed this revised IAS 24 as part of its project on Improvements to International Accounting Standards. The project was undertaken in the light of queries and criticisms raised in relation to the Standards by securities regulators, professional accountants and other interested parties. The objectives of the project were to reduce or eliminate alternatives, redundancies and conflicts within the Standards, to deal with some convergence issues and to make other improvements. IN3 For IAS 24 the Board’s main objective was to provide additional guidance and clarity in the scope of the Standard, the definitions and the disclosures for related parties. The wording of the Standard’s objective was amended to clarify that the entity’s financial statements should contain the disclosures necessary to draw attention to the possibility that the financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances with them. The Board did not reconsider the fundamental approach to related party disclosures contained in IAS 24. The main changes
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IAS24_06 - IAS 24 International Accounting Standard 24...

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