As a result, the IASB published in 2007 a proposal to exempt state-controlled entities from providing disclosures about transactions with other state-controlled entities if specified conditions were met. However, respondents were concerned about the complexity of the proposals. The IASB has therefore modified its proposed exemption for state-controlled entities and is publishing this revised proposal today.

Unlike the original proposal, the revised exemption would not require state-controlled entities to assess the extent of state influence. It would exempt such entities from providing full details about transactions with other state-controlled entities and the state. Instead, (unlike the 2007 exposure draft) it would require general disclosures about the types and extent of significant transactions.

The IASB would particularly like to hear from respondents whether the proposals would give investors and analysts the information they need without imposing unnecessary burdens on preparers of financial statements.

The IASB invites comments on the exposure draft Relationships with the State (Proposed amendments to IAS 24) by 13 March 2009. For more details on the project or to view the exposure draft, visit the ‘Related Party Disclosures’ project page on this Website.

Printed copies of the exposure draft (ISBN 978-1-905590-85-8) will be available shortly, at £10.00 plus shipping, from the IASC Foundation Publications Department.

IASC Foundation Publications Department,
30 Cannon Street, London EC4M 6XH, United Kingdom.

Tel: +44 (0)20 7332 2730
Fax +44 (0)20 7332 2749

Email: publications@iasb.org 
Web: www.iasb.org