IAS-24 – Related Party Disclosures

This standard requires disclosure of related party transactions and outstanding balances in the separate financial statements of a parent, venturer or investor. A party is related to an entity if: (a) directly or indirectly through one or more intermediaries, the party: (i) controls, is controlled by, or is under common control with, the entity which includes parents, subsidiaries and fellow subsidiaries: (ii) has an interest in the entity that gives it significant influence over the entity; or (iii) has joint control over the entity; (b) the party is an associate; (c) the party is a joint venture in which the entity is a venturer; (d) the party is a member of the key management personnel; (e) the party is close member of the family; (f) the party is controlled, jointly controlled or significantly influenced; (g) the party is a post –employment benefit plan for the benefit of employees of the entity.