Which of the following will most likely indicate the existence of related parties? Full

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DateDevelopmentCommentsMarch 1983
Exposure Draft E25 Disclosure of Related Party Transactions

July 1984
IAS 24 Related Party Disclosures issued
Effective 1 January 1986
1994
IAS 24 was reformatted

18 December 2003
IAS 24 Related Party Disclosures
Effective for annual periods beginning on or after 1 January 2005
22 February 2007
Exposure Draft State-controlled Entities and the Definition of a Related Party published
Comment deadline 25 May 2007
11 December 2008
Exposure Draft Relationships with the State (Proposed amendments to IAS 24) published
Comment deadline 13 March 2009
4 November 2009
IAS 24 Related Party Disclosures issued
Effective for annual periods beginning on or after 1 January 2011
12 December 2013
Amended by Annual Improvements to IFRSs 2010–2012 Cycle (entities providing key management personnel services)
Effective for annual periods beginning on or after 1 July 2014

None

None

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 and outstanding balances with such parties.

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Which of the following events most likely indicates the existence of related parties quizlet?Which of the FF is most likely to indicate the existence of related parties?Which of the following is a likely example of a related party transaction quizlet?What is overriding consideration when determining the existence of a related party relationship?

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].

(a) A person or a close thành viên of that person’s family is related to a reporting entity if that person:
(i) has control or joint control over the reporting entity;(ii) has significant influence over the reporting entity; or(iii) is a thành viên of the key management personnel of the reporting entity or of a parent of the reporting entity.

(b) An entity is related to a reporting
entity if any of the following conditions applies:

(i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a thành viên of a group of which the other entity is a thành viên).(iii) Both entities are joint ventures of the same third party.(iv) One entity is a joint
venture of a third entity and the other entity is an associate of the third entity.(v) The entity is a post-employment defined benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity.(vi) The entity is controlled or jointly controlled by a person identified in (a).(vii) A person identified in
(a)(i) has significant influence over the entity or is a thành viên of the key management personnel of the entity (or of a parent of the entity).(viii) The entity, or any thành viên of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity*.

* Requirement added by Annual Improvements to IFRSs 2010–2012 Cycle, effective for annual periods beginning on or after 1 July 2014.

The
following are deemed not to be related: [IAS 24.11]

two entities simply because they have a director or key manager in commontwo venturers who share joint control over a joint ventureproviders 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

A related party transaction is a transfer of resources, services, or obligations between related parties, regardless of whether a price is charged. [IAS 24.9]

Relationships between parents and subsidiaries.
Regardless of whether there have been transactions between a parent and a subsidiary, an entity must disclose the name of its parent and, if different, the ultimate controlling party. If neither the entity’s parent nor the ultimate controlling party produces financial statements available for public use, the name of the next most senior parent that does so must also be disclosed. [IAS 24.16]

Management compensation. Disclose key management personnel compensation in total and for
each of the following categories: [IAS 24.17]

short-term employee benefitspost-employment benefitsother long-term benefitstermination benefitsshare-based payment benefits

Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the entity, directly or indirectly, including any directors (whether executive or otherwise) of the entity. [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. Instead the entity discloses the amounts incurred by the entity for the provision of key management personnel services that are provided by the separate management entity*. [IAS 24.17A, 18A]

* These requirements were introduced by Annual Improvements to IFRSs
2010–2012 Cycle, effective for annual periods beginning on or after 1 July 2014.

Related party transactions. 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. These disclosure would be made separately for each category of related parties and would
include: [IAS 24.18-19]

the amount of the transactionsthe amount of outstanding balances, including terms and conditions and guaranteesprovisions for doubtful debts related to the amount of outstanding balancesexpense recognised during the period in respect of bad or doubtful debts due from related parties

Examples of the kinds of transactions that are disclosed if they are with a related party

purchases or sales of goodspurchases or sales of property and other assetsrendering or receiving of servicesleasestransfers of research and developmenttransfers under licence agreementstransfers under finance arrangements (including loans and equity contributions in cash or in kind)provision of
guarantees or collateralcommitments to do something if a particular sự kiện 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

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. [IAS 24.21]

Which of the following events most likely indicates the existence of related parties quizlet?

The following suggest the existence of related party transactions: (1) exchanging property for similar property in a nonmonetary transaction, (2) borrowing or lending rates significantly above or below market rates, (3) selling realty a price materially different from its appraised value, and (4) making loans …

Which of the FF is most likely to indicate the existence of related parties?

Exchanging property for similar property in a nonmonetary transaction. This answer is correct because exchanging property for similar property in a nonmonetary transaction may indicate the existence of related parties (the exchange may or may not approximate what would occur in an arm’s-length transaction).

Which of the following is a likely example of a related party transaction quizlet?

Which of the following is a likely example of a related-party transaction? Borrowing or lending money unusually low interest rates.

What is overriding consideration when determining the existence of a related party relationship?

The main consideration with a related party is, does a relationship exist prior to the business transaction that could affect the decision making or impact the financial reporting for the organization?
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