Written by: Barbora Choi on Tue Nov 25
IAS 24 Related Party Transactions
IAS 24 requires entities to disclose transactions, outstanding balances, incl. commitments, and relationships with related parties. Related parties may enter into transactions that unrelated parties would not.
"Good fences make good neighbours."
Related party disclosures in the financial statements - if done properly - are like mirrors. You can immediately see a dark spot or a crease.
Accounting Standards in 15 Seconds packed with real world examples.
