PAS 24 - RELATEDPARTY DISCLOSURES PAS24 CDM,cgscluster5...

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    RELATED PARTY  DISCLOSURES               PAS 24 CDM, cgs-cluster 5
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Objective of PAS 24 To ensure that an entity’s financial statements  contain the disclosures necessary to draw  attention to the possibility that- its financial position and profit and loss may have  been affected by:      -   the existence of related parties,  and       -   by transactions and outstanding balances with           such parties. CDM, cgs-cluster 5
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Purpose of Related Party  Disclosures Related party relationships could have significant  influence or control in carrying out the financial and  operating policies of the entity. Related party relationships could  have an effect on  the profit or loss and financial position of an entity  whether transactions may have occurred or not.  The mere existence of the relationship may be  sufficient to affect the transactions of the entity with  other parties.  CDM, cgs-cluster 5
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Purpose of Related Party Disclosures Knowledge of related party transactions,  outstanding balances and relationships-  may affect assessment of an entity’s  operations by users of financial statements,  including assessments of the risks and  opportunities facing the entity . CDM, cgs-cluster 5
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Related party as defined: A party is related to an entity if: a) Directly or indirectly, through one or more  intermediaries, that party controls, is controlled by, or  is under common control with the entity; has an  interest in the entity that gives it significant influence,  or has joint control over the entity;
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PAS 24 - RELATEDPARTY DISCLOSURES PAS24 CDM,cgscluster5...

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