IAS Plus features an extensive collection of news and resources about International Financial Reporting Standards (IFRS), the International Accounting Standards Board (IASB), and international accounting and auditing developments. * These requirements were introduced by Annual Improvements to IFRSs 2010–2012 Cycle, effective for annual periods beginning on or after 1 July 2014. Deloitte network’s IAS Plus (www.iasplus.com) is one of the most comprehensive sources of global financial reporting news on the Web.It is a central repository for information about International Financial Reporting Standards (IFRSs), as well as the activities of the International Accounting … These words serve as exceptions. IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors. Published for our clients and staff throughout the world May 2008 – Special edition IAS Plus website Over 6.2 million people have visited our www.iasplus.com web site. Links to summaries, analysis, history and resources for International Financial Reporting … These disclosure would be made separately for each category of related parties and would include: [IAS 24.18-19], A statement that related party transactions were made on terms equivalent to those that prevail in arm's length transactions should be made only if such terms can be substantiated. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments. By using this site you agree to our use of cookies. A related party is a person or entity that is related to the entity that is preparing its financial statements (referred to as the 'reporting entity') [IAS 24.9]. IAS 2 – Inventories Timeline and summary from Deloitte IAS Plus, with information on related interpretations and amendments under consideration. Previous editions of the report are available for: 2018, 2018 Autumn report, 2017, 2016, 2015, and 2014. Each word should be on a separate line. Here … two entities simply because they have a director or key manager in common, two venturers who share joint control over a joint venture, providers of finance, trade unions, public utilities, and 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), a single customer, supplier, franchiser, distributor, or general agent with whom an entity transacts a significant volume of business merely by virtue of the resulting economic dependence, the amount of outstanding balances, including terms and conditions and guarantees, provisions for doubtful debts related to the amount of outstanding balances, expense recognised during the period in respect of bad or doubtful debts due from related parties, purchases or sales of property and other assets, transfers under finance arrangements (including loans and equity contributions in cash or in kind), commitments to do something if a particular event occurs or does not occur in the future, including executory contracts (recognised and unrecognised), settlement of liabilities on behalf of the entity or by the entity on behalf of another party. News & Current Affairs December 25, 2020 December 25, 2020 IshitaM. The revised Standard simplifies the disclosure requirements for entities that are controlled, jointly controlled or significantly influenced by a government (referred to as government- related entities) and clarifies the definition of a related party. Viewing 8 posts - 1 through 8 (of 8 total) Author. The standard defines various classes of entities and people as related parties and sets out the disclosures required in respect of those parties, including the compensation of key management personnel. IAS 2 - Inventories Topic summary provided by PwC, giving latest developments and overview, a summary of the standard and links to … (vi) The entity is controlled or jointly controlled by a person identified in (a). IAS Plus [ Need Help ? If there have been transactions between related parties, disclose the nature of the related party relationship as well as information about the transactions and outstanding balances necessary for an understanding of the potential effect of the relationship on the financial statements. IAS Plus features an extensive collection of news and resources about International Financial Reporting Standards (IFRS), the International Accounting Standards Board (IASB), and international accounting and auditing developments. All other years they have been testing knowledge this year is the real exam. [IAS 24.9], If an entity obtains key management personnel services from a management entity, the entity is not required to disclose the compensation paid or payable by the management entity to the management entity’s employees or directors. [IAS 24.16], Management compensation. EFRAG issues draft endorsement advice and effects study report on the Annual Improvements to IFRSs 2010 – 2012 and 2011 – 2013 cycles. After initial recognition the benchmark treatment is that intangible assets should be carried at cost less any amortisation and impairment losses. IAS 29 Financial Reporting in Hyperinflationary Economies . The ob­ject­ive of IAS 24 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 … What's New. [IAS 24.9], Relationships between parents and subsidiaries. Posted on March 21, 2016 by cimastudent Leave a comment. 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