IAS 24 overview
In this session, you'll learn how to identify related parties and understand why their transactions must be disclosed under IAS 24.
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In this lesson
- 0:00 Understanding related party transactions
- 0:28 Why related parties must be disclosed
- 0:59 Identifying related parties and key definitions
- 2:00 Close family members and extended relationships
- 3:34 Parties that are not considered related
About this lesson
We'll cover the definition of a related party—including directors, key management personnel, subsidiaries, associates, and close family members—and explore the practical reasons why these transactions matter to financial statement users. You'll also discover which parties are explicitly excluded from the definition, and how to apply the substance over form principle to real-world scenarios. By the end, you'll be confident recognising related party relationships and understanding the disclosure requirements that protect users from potential conflicts of interest in financial reporting.
Duration: 4m
Transcript
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