International Accounting Standard 24 Related Party Disclosures (IAS 24) is set out in paragraphs 1⁠–⁠29 and the Appendix. All of the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 24 should be read in the context of its objective and the Basis for Conclusions, the Preface to IFRS Standards and the Conceptual Framework for Financial Reporting. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance. [Refer:IAS 8 paragraphs 10⁠–⁠12]

International Accounting Standard 24Related Party Disclosures

Objective

1

The objective of this Standard is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances, including commitments, with such parties.

Scope

2

This Standard shall be applied in:

(a)

identifying related party relationships and transactions;

[Refer:paragraphs 9⁠–⁠12]

(b)

identifying outstanding balances, including commitments, between an entity and its related parties;

(c)

identifying the circumstances in which disclosure of the items in (a) and (b) is required; and

(d)

determining the disclosures to be made about those items.

[Refer: 

paragraphs 13⁠–⁠24

Basis for Conclusions paragraphs BC7⁠–⁠BC32]

3

This Standard requires disclosure of related party relationships, transactions and outstanding balances, including commitments, in the consolidated and separate financial statements of a parent or investors with joint control of, or significant influence over, an investee presented in accordance with IFRS 10 Consolidated Financial Statements or IAS 27 Separate Financial Statements. This Standard also applies to individual financial statements. [Refer:paragraph BC49(b)]

4

Related party transactions and outstanding balances with other entities in a group are disclosed in an entity’s financial statements. Intragroup related party transactions and outstanding balances are eliminated, except for those between an investment entity and its subsidiaries measured at fair value through profit or loss, in the preparation of consolidated financial statements of the group.

Purpose of related party disclosures

5

Related party relationships are a normal feature of commerce and business. For example, entities frequently carry on parts of their activities through subsidiaries, joint ventures and associates. In those circumstances, the entity has the ability to affect the financial and operating policies of the investee through the presence of control, joint control or significant influence.

6

A related party relationship could have an effect on the profit or loss and financial position of an entity. Related parties may enter into transactions that unrelated parties would not. For example, an entity that sells goods to its parent at cost might not sell on those terms to another customer. Also, transactions between related parties may not be made at the same amounts as between unrelated parties.

7

The profit or loss and financial position of an entity may be affected by a related party relationship even if related party transactions do not occur. The mere existence of the relationship may be sufficient to affect the transactions of the entity with other parties. For example, a subsidiary may terminate relations with a trading partner on acquisition by the parent of a fellow subsidiary engaged in the same activity as the former trading partner. Alternatively, one party may refrain from acting because of the significant influence of another—for example, a subsidiary may be instructed by its parent not to engage in research and development.

8

For these reasons, knowledge of an entity’s transactions, outstanding balances, including commitments, and relationships with related parties may affect assessments of its operations by users of financial statements, including assessments of the risks and opportunities facing the entity.

Definitions

9

The following terms are used in this Standard with the meanings specified:

A related party is a person or entity that is related to the entity that is preparing its financial statements (in this Standard referred to as the ‘reporting entity’). [Refer:Basis for Conclusions paragraphs BC18⁠–⁠BC32]

(a)

A person or a close member of that person’s family is related to a reporting entity if that person:

(i)

has control or joint control of the reporting entity;

[Refer:Illustrative Examples paragraphs IE9, IE13, IE14, IE16⁠–⁠IE18 and IE20⁠–⁠IE22]

(ii)

has significant influence over the reporting entity; or

[Refer:Illustrative Examples paragraphs IE16, IE18, IE20 and IE22]

(iii)

is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.

[Refer:Illustrative Examples paragraphs IE9, IE10⁠–⁠IE12 and IE15]

(b)

An entity is related to a reporting entity if any of the following conditions applies:

(i)

The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

[Refer:Basis for Conclusions paragraph BC19(b)]

(ii)

One entity is an associate [Refer:paragraph 12] or joint venture [Refer:paragraph 12] of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

[Refer:Illustrative Examples paragraphs IE4⁠–⁠IE8]

(iii)

Both entities are joint ventures of the same third party.

[Refer:

Basis for Conclusions paragraph BC19(b)

Illustrative Examples paragraphs IE24⁠–⁠IE26]

(iv)

One entity is a joint venture [Refer:paragraph 12] of a third entity and the other entity is an associate [Refer:paragraph 12] of the third entity.

[Refer:

Basis for Conclusions paragraph BC19(c)

Illustrative Examples paragraphs IE24⁠–⁠IE26]

(v)

The entity is a post‑employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity.

(vi)

The entity is controlled or jointly controlled by a person identified in (a).

[Refer:Illustrative Examples paragraphs IE9⁠–⁠IE12 and IE15⁠–⁠IE22]

(vii)

A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

[Refer:Illustrative Examples paragraphs IE13, IE14, IE16, IE17, IE20 and IE21]

(viii)

The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity. [Refer:Basis for Conclusions paragraph BC51]

A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity and includeE1:

(a)

that person’s children and spouse or domestic partner;

(b)

children of that person’s spouse or domestic partner; and

(c)

dependants of that person or that person’s spouse or domestic partner.

[Refer:Basis for Conclusions paragraph BC32(b)]

Compensation includes all employee benefits (as defined in IAS 19 Employee Benefits) including employee benefits to which IFRS 2 Share‑based Payment applies. Employee benefits are all forms of consideration paid, payable or provided by the entity, or on behalf of the entity, in exchange for services rendered to the entity. It also includes such consideration paid on behalf of a parent of the entity in respect of the entity. Compensation includes:

(a)

short‑term employee benefits, such as wages, salaries and social security contributions, paid annual leave and paid sick leave, profit‑sharing and bonuses (if payable within twelve months of the end of the period) and non‑monetary benefits (such as medical care, housing, cars and free or subsidised goods or services) for current employees;

(b)

post‑employment benefits such as pensions, other retirement benefits, post‑employment life insurance and post‑employment medical care;

(c)

other long‑term employee benefits, including long‑service leave or sabbatical leave, jubilee or other long‑service benefits, long‑term disability benefits and, if they are not payable wholly within twelve months after the end of the period, profit‑sharing, bonuses and deferred compensation;

(d)

termination benefits; and

(e)

share‑based payment.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.

[Refer:Basis for Conclusions paragraph BC19(a)]

Government refers to government, government agencies and similar bodies whether local, national or international.

A government‑related entity is an entity that is controlled, jointly controlled or significantly influenced by a government.

The terms ‘control’ and ‘investment entity’, ‘joint control’ and ‘significant influence’ are defined in IFRS 10, IFRS 11 Joint Arrangements and IAS 28 Investments in Associates and Joint Ventures respectively and are used in this Standard with the meanings specified in those IFRSs.

E1

[IFRIC® Update, May 2015, Agenda Decision, ‘IAS 24 Related Party Disclosures—Definition of close members of the family of a person’

The Interpretations Committee received a submission regarding the definition of close members of the family of a person in paragraph 9 of IAS 24.

The submitter points out that the definition of close members of the family of a person in paragraph 9 does not specify that the parents of a person could be included in this definition. The submitter thinks that this definition should include a person’s parents, because in its view they are among the closest members of the family of a person who may be expected to influence, or be influenced by, that person in their dealings with the entity. The submitter further observes that local regulations in some jurisdictions include the parents of a person within the definition of ‘close members of the family of a person’.

The submitter suggests that the Interpretations Committee could:

(a)

specify that this definition includes ‘persons who are considered to be close members of the family according to the law or the prevailing customary norms in the jurisdiction where the entity operates’; and

(b)

remove the examples of ‘close members of the family of a person’ from the definition.

The Interpretations Committee observed that the definition of close members of the family of a person in paragraph 9 of IAS 24:

(a)

is expressed in a principle-based manner and involves the use of judgement to determine whether members of the family of a person (including that person’s parents) are related parties or not; and

(b)

includes a list of family members that are always considered close members of the family of a person.

The Interpretations Committee further noted that the list of family members in paragraph 9(a)⁠–⁠(c) is non exhaustive and does not preclude other family members from being considered as close members of the family of a person. Consequently, the Interpretations Committee thought that other family members, including parents or grandparents, could qualify as close members of the family depending on the assessment of specific facts and circumstances.

In the light of the existing IFRS requirements, the Interpretations Committee determined that neither an Interpretation nor an amendment to a Standard was necessary and therefore decided not to add this issue to its agenda.]

10

In considering each possible related party relationship, attention is directed to the substance of the relationship and not merely the legal form.

11

In the context of this Standard, the following are not related parties:

(a)

two entities simply because they have a director or other member of key management personnel in common or because a member of key management personnel of one entity has significant influence over the other entity.

(b)

two joint venturers simply because they share joint control of a joint venture.

(c)

(i)

providers of finance,

(ii)

trade unions,

(iii)

public utilities, and

(iv)

departments and agencies of a government that does not control, jointly control or significantly influence the reporting entity,

simply by virtue of their normal dealings with an entity (even though they may affect the freedom of action of an entity or participate in its decision‑making process).

(d)

a customer, supplier, franchisor, distributor or general agent with whom an entity transacts a significant volume of business, simply by virtue of the resulting economic dependence.

12

In the definition of a related party, an associate includes subsidiaries of the associate and a joint venture includes subsidiaries of the joint venture. Therefore, for example, an associate’s subsidiary and the investor that has significant influence over the associate are related to each other.

[Refer:Basis for Conclusions paragraph BC32(a)(ii)]

Disclosures

All entities

13

Relationships between a parent and its subsidiaries shall be disclosed irrespective of whether there have been transactions between them. An entity shall disclose the name of its parent and, if different, the ultimate controlling party. If neither the entity’s parent nor the ultimate controlling party produces consolidated financial statements available for public use, the name of the next most senior parent that does so shall also be disclosed.

Explanation of relationships between parent and subsidiaries Disclosure Text818000
Name of most senior parent entity producing publicly available financial statements Disclosure Text818000
Name of parent entity Disclosure Text IAS 1.138 c Disclosure 810000, 818000
Name of ultimate parent of group Disclosure Text IAS 1.138 c Disclosure 810000, 818000

14

To enable users of financial statements to form a view about the effects of related party relationships on an entity, it is appropriate to disclose the related party relationship when control exists, irrespective of whether there have been transactions between the related parties.

15

The requirement to disclose related party relationships between a parent and its subsidiaries is in addition to the disclosure requirements in IAS 27 and IFRS 12 Disclosure of Interests in Other Entities.

16

Paragraph 13 refers to the next most senior parent. This is the first parent in the group above the immediate parent that produces consolidated financial statements available for public use.

17

An entity shall disclose key management personnel compensation in total and for each of the following categories: 

[Refer:Basis for Conclusions paragraphs BC7⁠–⁠BC10]

(a)

short‑term employee benefits;

[Refer:IAS 19 paragraphs 7 and 8⁠–⁠23]
Key management personnel compensation, short-term employee benefits Disclosure MonetaryDuration, Debit 818000

(b)

post‑employment benefits;

[Refer:IAS 19 paragraphs 7 and 24⁠–⁠125]
Key management personnel compensation, post-employment benefits Disclosure MonetaryDuration, Debit 818000

(c)

other long‑term benefits;

[Refer:IAS 19 paragraphs 7 and 126⁠–⁠131]
Key management personnel compensation, other long-term employee benefits Disclosure MonetaryDuration, Debit 818000

(d)

termination benefits; and

[Refer:IAS 19 paragraphs 7 and 132⁠–⁠143]
Key management personnel compensation, termination benefits Disclosure MonetaryDuration, Debit 818000

(e)

share‑based payment.

[Refer:IFRS 2]
Key management personnel compensation, share-based payment Disclosure MonetaryDuration, Debit 818000
Key management personnel compensation Disclosure MonetaryDuration, Debit 818000

17A

If an entity obtains key management personnel services from another entity (the ‘management entity’), the entity is not required to apply the requirements in paragraph 17 to the compensation paid or payable by the management entity to the management entity’s employees or directors. [Refer:paragraph 18A and Basis for Conclusions paragraph BC52]

18

If an entity has had related party transactions during the periods covered by the financial statements, it shall disclose the nature of the related party relationship as well as informationE2 about those transactions and outstanding balances, including commitments, necessary for users to understand the potential effect of the relationship on the financial statements. These disclosure requirements are in addition to those in paragraph 17. At a minimum, disclosures shall include:

(a)

the amount of the transactions;

(b)

the amount of outstanding balances, including commitments, and:

(i)

their terms and conditions, including whether they are secured, and the nature of the consideration to be provided in settlement; and

Explanation of terms and conditions of outstanding balances for related party transaction Disclosure Text818000

(ii)

details of any guarantees given or received;

Explanation of details of guarantees given or received of outstanding balances for related party transaction Disclosure Text818000
Amounts payable, related party transactions Disclosure MonetaryInstant, Credit IAS 24.20 Disclosure 818000
Amounts receivable, related party transactions Disclosure MonetaryInstant, Debit IAS 24.20 Disclosure 818000
Outstanding commitments made by entity, related party transactions Disclosure MonetaryInstant, Credit 818000
Outstanding commitments made on behalf of entity, related party transactions Disclosure MonetaryInstant, Credit 818000

(c)

provisions for doubtful debts related to the amount of outstanding balances; and

Provisions for doubtful debts related to outstanding balances of related party transaction Disclosure MonetaryInstant, Credit 818000

(d)

the expense recognised during the period in respect of bad or doubtful debts due from related parties.

Expense recognised during period for bad and doubtful debts for related party transaction Disclosure MonetaryDuration, Debit 818000
Description of nature of related party relationship Disclosure Text818000
Description of transactions with related party Disclosure Text818000
Disclosure of transactions between related parties [text block] Disclosure Text block818000
E2

[IFRIC® Update, September 2004, Agenda Decision, ‘IAS 24: Interpretation of the term "information" in IAS 24 paragraph 17’

The IFRIC was asked to supplement the minimum disclosures in paragraph 17 regarding ‘transactions and outstanding balances necessary for an understanding of the potential effect of (related party) relationships on the financial statements'. For example, it was suggested that an interpretation of paragraph 17 should specifically require disclosure of the purpose and economic substance of transactions, identity of related parties, extent of management involvement, special risks and the effect of such transactions on the financial statements.

The IFRIC agreed not to add this issue to its agenda, noting that the IASB, in its revisions to IAS 24 in 2003, debated the extent of specific minimum disclosure requirements and the suggested items were not included. The IFRIC decided that, because of wider policy considerations, this issue might be appropriate for discussion by the Board and, perhaps, the Standards Advisory Council.

[Note: In November 2009 the IASB issued a revised IAS 24. In the revised IAS 24 (2009) paragraph 18 is applicable to this footnote.]]

18A

Amounts incurred by the entity for the provision of key management personnel services that are provided by a separate management entity shall be disclosed. [Refer:paragraph 17A]

Amount incurred by entity for provision of key management personnel services provided by separate management entity Disclosure MonetaryDuration, Debit 818000
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [table] Disclosure Table818000
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [text block] Disclosure Text block818000
Separate management entities [axis] Disclosure Axis818000, 990000
Separate management entities [member] Disclosure Member818000, 990000

19

The disclosures required by paragraph 18 shall be made separately for each of the following categories:

(a)

the parent;

Parent [member] Disclosure Member818000

(b)

entities with joint control of, or significant influence over, the entity;

Entities with joint control or significant influence over entity [member] Disclosure Member818000

(c)

subsidiaries;

Subsidiaries [member] Disclosure Member IAS 27.16 b Disclosure
IAS 27.17 b Disclosure
IFRS 12.B4 a Disclosure 		818000, 825480, 825700

(d)

associates;

Associates [member] Disclosure Member IAS 27.16 b Disclosure
IAS 27.17 b Disclosure
IFRS 12.B4 d Disclosure 		818000, 825480, 825700, 836500

(e)

joint ventures in which the entity is a joint venturer;

Joint ventures where entity is venturer [member] Disclosure Member818000

(f)

key management personnel of the entity or its parent; and

Key management personnel of entity or parent [member] Disclosure Member818000

(g)

other related parties.

Other related parties [member] Disclosure Member818000
Categories of related parties [axis] Disclosure Axis818000, 990000
Disclosure of transactions between related parties [table] Disclosure Table818000
Entity's total for related parties [member] Disclosure Member818000, 990000
Related parties [member] Disclosure Member818000

20

The classification of amounts payable to, and receivable from, related parties in the different categories as required in paragraph 19 is an extension of the disclosure requirement in IAS 1 Presentation of Financial Statements for information to be presented either in the statement of financial position or in the notes. [Refer:IAS 1 paragraphs 77⁠–⁠80A] The categories are extended to provide a more comprehensive analysis of related party balances and apply to related party transactions.

Amounts payable, related party transactions Disclosure MonetaryInstant, Credit IAS 24.18 b Disclosure 818000
Amounts receivable, related party transactions Disclosure MonetaryInstant, Debit IAS 24.18 b Disclosure 818000

21

The following are examples of transactions that are disclosed if they are with a related party:

(a)

purchases or sales of goods (finished or unfinished);

Purchases of goods, related party transactions Example MonetaryDuration, Debit 818000
Revenue from sale of goods, related party transactions Example MonetaryDuration, Credit 818000

(b)

purchases or sales of property and other assets;

Purchases of property and other assets, related party transactions Example MonetaryDuration, Debit 818000
Sales of property and other assets, related party transactions Example MonetaryDuration, Credit 818000

(c)

rendering or receiving of services;

Revenue from rendering of services, related party transactions Example MonetaryDuration, Credit 818000
Services received, related party transactions Example MonetaryDuration, Debit 818000

(d)

leases;

Leases as lessee, related party transactions Example MonetaryDuration 818000
Leases as lessor, related party transactions Example MonetaryDuration 818000

(e)

transfers of research and development;

Transfers of research and development from entity, related party transactions Example MonetaryDuration 818000
Transfers of research and development to entity, related party transactions Example MonetaryDuration 818000

(f)

transfers under licence agreements;

Transfers under licence agreements from entity, related party transactions Example MonetaryDuration 818000
Transfers under licence agreements to entity, related party transactions Example MonetaryDuration 818000

(g)

transfers under finance arrangements (including loans and equity contributions in cash or in kind);

Transfers under finance agreements from entity, related party transactions Example MonetaryDuration 818000
Transfers under finance agreements to entity, related party transactions Example MonetaryDuration 818000

(h)

provision of guarantees or collateral;

Provision of guarantees or collateral by entity, related party transactions Example MonetaryDuration 818000
Provision of guarantees or collateral to entity, related party transactions Example MonetaryDuration 818000

(i)

commitments to do something if a particular event occurs or does not occur in the future, including executory contracts1 (recognised and unrecognised); and

[Refer:Basis for Conclusions paragraph BC49(a)]
Commitments made by entity, related party transactions Example MonetaryDuration 818000
Commitments made on behalf of entity, related party transactions Example MonetaryDuration 818000

(j)

settlement of liabilities on behalf of the entity or by the entity on behalf of that related party.

Settlement of liabilities by entity on behalf of related party, related party transactions Example MonetaryDuration 818000
Settlement of liabilities on behalf of entity by related party, related party transactions Example MonetaryDuration 818000

22

Participation by a parent or subsidiary in a defined benefit plan that shares risks between group entities is a transaction between related parties (see paragraph 42 of IAS 19 (as amended in 2011)).

Participation in defined benefit plan that shares risks between group entities, related party transactions Example MonetaryDuration 818000

23

Disclosures that related party transactions were made on terms equivalent to those that prevail in arm’s length transactions are made only if such terms can be substantiated.

Disclosure that related party transactions were made on terms equivalent to those that prevail in arm's length transactions Disclosure Text818000

24

Items of a similar nature may be disclosed in aggregate except when separate disclosure is necessary for an understanding of the effects of related party transactions on the financial statements of the entity.

Government‑related entities

25

A reporting entity is exempt from the disclosure requirements of paragraph 18 in relation to related party transactions and outstanding balances, including commitments, with:

(a)

a government that has control or joint control of, or significant influence over, the reporting entity; and

(b)

another entity that is a related party because the same government has control or joint control of, or significant influence over, both the reporting entity and the other entity.

[Refer: 

Basis for Conclusions paragraphs BC33⁠–⁠BC41

Illustrative Examples paragraphs IE1 and IE2]

26

If a reporting entity applies the exemption in paragraph 25, it shall disclose the following about the transactions and related outstanding balances referred to in paragraph 25:

(a)

the name of the government and the nature of its relationship with the reporting entity (ie control, joint control or significant influence);

Name of government and nature of relationship with government Disclosure Text818000

(b)

the following information in sufficient detail to enable users of the entity’s financial statements to understand the effect of related party transactions on its financial statements:

(i)

the nature and amount of each individually significant transaction; and

Explanation of nature and amount of significant transactions Disclosure Text818000

(ii)

for other transactions that are collectively, but not individually, significant, a qualitative or quantitative indication of their extent. Types of transactions include those listed in paragraph 21.

Description of other transactions that are collectively significant Disclosure Text818000
[Refer: 

Basis for Conclusions paragraphs BC42⁠–⁠BC48

Illustrative Examples paragraph IE3]

Explanation of whether entity applies exemption in IAS 24.25 Disclosure Text818000

27

In using its judgement to determine the level of detail to be disclosed in accordance with the requirements in paragraph 26(b), the reporting entity shall consider the closeness of the related party relationship and other factors relevant in establishing the level of significance of the transaction such as whether it is:

(a)

significant in terms of size;

(b)

carried out on non‑market terms;

(c)

outside normal day‑to‑day business operations, such as the purchase and sale of businesses;

(d)

disclosed to regulatory or supervisory authorities;

(e)

reported to senior management;

(f)

subject to shareholder approval.

Effective date and transition

28

An entity shall apply this Standard retrospectively for annual periods beginning on or after 1 January 2011. Earlier application is permitted, either of the whole Standard or of the partial exemption in paragraphs 25⁠–⁠27 for government‑related entities. If an entity applies either the whole Standard or that partial exemption for a period beginning before 1 January 2011, it shall disclose that fact.

28A

IFRS 10, IFRS 11 Joint Arrangements and IFRS 12, issued in May 2011, amended paragraphs 3, 9, 11(b), 15, 19(b) and (e) and 25. An entity shall apply those amendments when it applies IFRS 10, IFRS 11 and IFRS 12.

28B

Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27), issued in October 2012, amended paragraphs 4 and 9. An entity shall apply those amendments for annual periods beginning on or after 1 January 2014. Earlier application of Investment Entities is permitted. If an entity applies those amendments earlier it shall also apply all amendments included in Investment Entities at the same time.

28C

Annual Improvements to IFRSs 2010⁠–⁠2012 Cycle, issued in December 2013, amended paragraph 9 and added paragraphs 17A and 18A. An entity shall apply that amendment for annual periods beginning on or after 1 July 2014. Earlier application is permitted. If an entity applies that amendment for an earlier period it shall disclose that fact.

Withdrawal of IAS 24 (2003)

29

This Standard supersedes IAS 24 Related Party Disclosures (as revised in 2003).

Appendices

AppendixAmendment to IFRS 8 Operating Segments

This amendment contained in this appendix when this Standard was issued in 2009 has been incorporated into IFRS 8 as published in this volume.

Board Approvals

Approval by the Board of IAS 24 issued in November 2009

International Accounting Standard 24 Related Party Disclosures (as revised in 2009) was approved for issue by thirteen of the fifteen members of the International Accounting Standards Board. Mr Garnett dissented. His dissenting opinion is set out after the Basis for Conclusions. Ms McConnell abstained from voting in view of her recent appointment to the Board.

Sir David TweedieChairman
Stephen Cooper
Philippe Danjou
Jan Engström
Patrick Finnegan
Robert P Garnett
Gilbert Gélard
Amaro Luiz de Oliveira Gomes
Prabhakar Kalavacherla
James J Leisenring
Patricia McConnell
Warren J McGregor
John T Smith
Tatsumi Yamada
Wei-Guo Zhang

Footnotes

1

IAS 37 Provisions, Contingent Liabilities and Contingent Assets defines executory contracts as contracts under which neither party has performed any of its obligations or both parties have partially performed their obligations to an equal extent. (back)