- 6 Marks
CR – Nov 2020 – L3 – Q4c – Related Party Disclosures (IAS 24)
Identify and discuss three key areas of disclosures required by group companies in their financial statements under IAS 24.
Question
c. The objective of IAS 24 – Related party disclosure, is to ensure that an entity‘s financial statements contain sufficient disclosures to draw attention to the possibility that the entity‘s financial position or profit or loss may have been affected by the existence of related parties.
Required: Identify and discuss THREE key areas of disclosures required by group companies in their financial statements. (6 Marks)
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