IAS / PAS 24

Related parties include all of the following, except

• Parent, subsidiary, and fellow subsidiaries

• Associates

• Key management personnel and close family members of such key management personnel

• Two venturers simply because they share joint control over a joint venture.

A related party transaction is a transfer

• Between related parties when a price is charged.

• Between related parties, regardless of whether a price is charged.

• Between unrelated parties when a price is charged.

• Between unrelated parties, regardless of whether a price is charged.

Unrelated parties include which of the following:

• Providers of finance in the course of their normal dealings with an entity by virtue only of those dealings.

• Government agencies

• Single customer with whom an entity transacts a significant volume of business merely by virtue of the resulting economic dependence.

• All of these are unrelated parties

Close family members of an individual include all, except

• The individual's spouse and children

• Children of the individual's spouse

• Dependents of the individual or individual's spouse

• Brothers and sisters of the individual

The minimum disclosures about related party transactions include all of the following, except

• The amount of the transaction

• Amount of outstanding balance

• Allowance for doubtful accounts related to the outstanding balance

• Nature of the relationship

Significant influence is the power over the investee or the power to govern the financial and operating policies of an entity.

• True

• False

Which of the following is not included key management personnel compensation?

• Reimbursement of out-of-pocket expenses

• Share-based payment

• Termination benefit

• Short-term benefit

Which of the following is not a mandated disclosure about related party transactions?

• Relationship between parent and subsidiaries

• Names of all the associates that an entity has dealt with during the year

• Name of the entity's parent and, if different, the ultimate controlling party

• If neither the entity's parent nor the ultimate controlling entity produces financial statements available for public use, then the name of the next most senior parent that does so.

Intragroup related party transactions and outstanding balances are included in the preparation of consolidated financial statements of the group.

• True

• False

Which of the following is not a required minimum disclosure about related party transaction?

• The amount of related party transaction

• The amount of the outstanding balance

• The amount of similar transaction with unrelated parties to establish that comparable related party transaction has been entered at arm's length

• Doubtful debt related to the outstanding balance