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Final stage

On 4 November 2009, the International Accounting Standards Board issued IAS 24 Related Party Disclosures. The revised standard has an effective date of 1 January 2011, but earlier adoption is permitted.

About the project

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 had a limited scope as follows:

  • to provide an exemption from disclosure requirements for transactions between entities controlled, jointly controlled or significantly influenced by the same state (state-controlled entities); and
  • to amend the definitions of a related party and of a related party transaction to clarify the intended meaning and remove some inconsistencies.

Related IFRS Standards

IAS 24 Related Party Disclosures