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Final stage

On 12 December 2013, the International Accounting Standards Board issued Annual Improvements to IFRSs 2010—2012 Cycle. The amendments have an effective date of 1 July 2014, but earlier adoption is permitted. 

The amendment clarifies that an entity providing key management personnel services to the reporting entity is a related party of the reporting entity.

Related IFRS Standards

IAS 24 Related Party Disclosures