Related party disclosures
This project has been completed. In November 2009 the IASB issued a revised version of IAS 24 Related Party Disclosures.
The revised standard is effective for annual periods beginning on or after 1 January 2011, with earlier application permitted.
IAS 24 Related Party Disclosures requires disclosures about related parties and transactions with such parties. This project was not intended to fundamentally reconsider IAS 24 and has a limited scope as follows:
- providing an exemption from disclosure requirements for transactions between entities controlled, jointly controlled or significantly influenced by the same state (�state-controlled entities�)
- amending the definitions of a related party and of a related party transaction to clarify the intended meaning and remove some inconsistencies.
About the project
2008 Exposure Draft
After considering responses to the 2007 exposure draft, the Board published on 11 December 2008 a second exposure draft, Relationships with the State. The ED was open for comment until 13 March 2009. The ED:
- sets out a revised proposal for a disclosure exemption for state-controlled entities.
- proposes one further amendment to the definition of a related party.
2007 Exposure Draft
In February 2007 the IASB published an exposure draft State-controlled entities and the Definition of a Related Party. This ED was open for comment until 25 May 2007.
In the 2007 exposure draft, the Board proposed:
- a disclosure exemption for state-controlled entities.
- amendments to the definition of a related party and other minor amendments.