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IAS 24 Related Party Disclosures - Coggle Diagram
IAS 24 Related Party Disclosures
1. Identify whether it is a related party
Related party
Person
Has significant influence (20% to 49%)
Is a key management personnel
Capable of influencing operating and financial decisions
Has control (> 50%)
Close member of a related party
Children
Dependents
Spouse / domestic partner
Entity
Subsidiary, associate or joint venture
Jointly controlled by a person
Members of the same group
Person has a significant influence or is a key management personnel of another entity
Not a related party
Trade unions
Public utilities
Providers of finance
Government agencies
Related party is a party that can affect the preparation of the financial statements of the reporting entity
2. Is there any related party transactions?
Is it quantitatively material?
Is it qualitatively material?
3. Disclosure
Nature of related party
Key management personnel
Related party transactions
Nature
Outstanding balances, commitment, bad & doubtful debts