IAS 24Chapter 7Lesson 2
Arm's length statements and aggregation
Step 1 of 6Learning objectives
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The entity need not state that its related party transactions are on arm's length terms; it does so only if it can substantiate it. Similar items may be aggregated, unless separate disclosure is needed.
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Learning objectives
- Explain that an arm's length statement is made only if it can be substantiated.
- Spot an unsubstantiated statement in a draft note.
- Assess whether similar items may be aggregated or must be separated.