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The objective of IAS 24 Related Party Disclosures 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, including commitments, with such parties.

A related party is a person or an entity that is related to the reporting entity:

• A person or a close member of that person’s family is related to a reporting entity if that person has control, joint control, or significant influence over the entity or is a member of its key management personnel.
• An entity is related to a reporting entity if, among other circumstances, it is a parent, subsidiary, fellow subsidiary, associate, or joint venture of the reporting entity, or it is controlled, jointly controlled, or significantly influenced or managed by a person who is a related party.

A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged. If an entity has had related party transactions during the periods covered by the financial statements, IAS 24 Related Party Disclosures requires it to disclose the nature of the related party relationship as well as information about those transactions and outstanding balances, including commitments, necessary for users to understand the potential effect of the relationship on the financial statements.

IAS 24 Related Party Disclosures requires an entity to disclose key management personnel compensation in total and by category as defined in the Standard.

IAS 24 Related Party Disclosures is Copyright: IFRS Foundation Hire-to-Separation

Hierarchy

ID	Name	Level	x
IFRS	International Financial Reporting Standards	0	IFRS
IAS24	IAS 24 Related Party Disclosures	1	IAS24

Term(s)

ID	Name	Clear	x
H2R	Hire-to-Separation		H2R

IAS 24 Related Party Disclosures International Financial Reporting Standards 10024 1 IAS, IFRS, Standard, Financial, Accounting, Compensation, Related Parties, Associates, Parent, Subsidiary, Key Management, Personnel IAS 24 requires an entity to disclose key management personnel compensation in total and by category as defined