Section 33: Related Party Disclosures Section 33 requires disclosure in the financial statements to draw attention to the possibility that the financial position and profit or loss have been affected by the existence of related parties and transactions and outstanding balances with such parties. Disclosu...
FINANCIAL REPORTING STANDARD FRS 24 Related Party DisclosuresStandard, Reporting
FRS 102 grants exemptions from presenting the statement of cash flows, financial instruments disclosures and related party transactions with and between parents and wholly-owned subsidiaries. These exemptions will be available in both parent and subsidiary companies’ individual accounts, provided that the...
12 In view of this, the ASB considers that its most appropriate course of action is to issue an amendment to FRS 8 to ensure compliance with the legal definition of a'related party', including a reference to 'key management personnel', which is more specific than the refe...