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Related Party Disclosures

IASB meeting summaries and observer notes


 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.

Date: 9/16/2009