IASB September 2009

The Board discussed the transitional requirements for its proposed amendments to IAS 24 Related Party Disclosures and decided tentatively that:

• the amendments to the definition of a related party should apply retrospectively with an effective date of 1 January 2011 with early application permitted;
• the proposed partial exemption for government-controlled entities should apply retrospectively with an effective date of 1 January 2011 with early application permitted; and
• an entity should be permitted to apply the partial exemption for government-controlled entities before the effective date even if it chooses not to apply the new definition of a related party until a later date.

The Board plans to publish a revised standard in November 2009.