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IAS 24Workpapers (Step 4 of 5)

Workpaper template

Step 4 of 5
WorkpaperIAS 24 — Related Party DisclosuresL1 · L2 · L3 · L4

Related party identification map: persons, entities, exclusions, substance and parent

7 missions7 sections to document45 min
Prepared by
AI-assisted draft
Reviewed by
Not reviewed — human review required
Status
Published

Objective of the workpaper

Describe the group structure and the facts about persons (key management, close family), enter each relationship examined in the map with its category and basis, review the links and the exclusions, justify the assessment of substance (professional judgement, no threshold imposed), then name the parent and the ultimate controlling party.

7 sections · 16 blocks · 0 calculations · 0 entries

  • IAS 24 §9
  • IAS 24 §10
  • IAS 24 §11
  • IAS 24 §12
  • IAS 24 §13

Work this workpaper as a mission

Each case that uses this template opens in the mission workspace: data, analysis, calculation, entries, conclusion and review, with your progress saved.

7 instances from the cases: the calculations and entries below are run by the calculation engine.

File and entity
Related party map of a group: parent, subsidiary, associate, director and spouse, dependent supplier
Case tasks documented here
  • Among the parent, the subsidiary and the associate, which are related parties of the entity and why?
  • Are Ms Lavoie and Mr Lavoie related parties? On what basis?
  • Are Ateliers Morin SARL and Metalor SA related parties? Justify.
  • Draw up the map: number of related parties retained and number of parties excluded.
1

Facts and data

Inputs

  • Group structure and holdings (parent, subsidiaries, associates, joint ventures, plans)

    Text

    PARENT_SUBSIDIARY_AND_ASSOCIATE

  • Facts about persons: key management, close family, entities they control

    Text

    DIRECTOR_AND_SPOUSE

  • Map of the relationships examined

    Table

  • Number of related parties retained

    Number

    5 units

  • Number of parties excluded with a reason

    Number

    2 units

  • Name of the parent

    Text

  • Name of the ultimate controlling party

    Text

2

Supporting evidence

Evidence

  • Evidence obtained and referenced (organisation chart, register of key management, contracts)

    EvidenceRequired

3

Analysis of relationships and exclusions

Analysis

IAS 24 §9IAS 24 §10IAS 24 §11IAS 24 §12IAS 24

  • Points reviewed: relationships with related parties

    ChecklistRequired

    • Person who has control, joint control or significant influence over the entity
    • Person who is key management personnel of the entity or of its parent
    • Close member of the family of such a person (non-exhaustive list, judgement)
    • Entity in the same group (parent, subsidiary, fellow subsidiary)
    • Associate or joint venture of the entity or of a member of its group
    • Joint ventures of the same third party, or a joint venture and an associate of the same third party
    • Post-employment benefit plan for the employees of the entity or of a related entity
    • Entity controlled or jointly controlled by a person identified above
    • Entity (or member of its group) that provides key management personnel services
    • Subsidiaries of an associate or of a joint venture: related to the investor
    • Substance of the relationship examined, not only its legal form

  • Points reviewed: exclusions in principle

    ChecklistRequired

    • Common director or key manager: not, by itself, a link between related parties
    • Mere joint venturers in the same joint venture: not, by themselves, related parties
    • Normal dealings (providers of finance, trade unions, public utilities, government bodies) or economic dependence on a customer or supplier: not, by themselves, related parties
4

Judgement on the substance of the relationship

Judgment

IAS 24 §10IAS 24 §11IAS 24

  • Reading of the relationship

    JudgmentRequired

    Not related in substance

    Related party in substance / Not related in substance

    Professional judgement: the substance of the relationship (influence, dependence, family ties) is assessed on documented facts; no threshold of holding, business volume or turnover is imposed.

  • Rationale: facts relied on, analysis, alternative rejected

    Text

    COMMON_DIRECTOR_AND_DEPENDENT_SUPPLIER_WITHOUT_CONTROL_OR_INFLUENCE

5

Disclosures about the parent

Disclosure

IAS 24 §13

  • Points to complete

    ChecklistRequired

    • Name of the parent stated
    • Name of the ultimate controlling party, if different
    • If neither publishes consolidated financial statements, name of the next senior parent that does
    • Control relationship stated even without any transaction

  • Draft note on control relationships

    Text

6

Conclusion

Conclusion

  • Parties retained and excluded, reasoned judgement and parent named, submitted to the reviewer

    ConclusionRequired

7

Normative references

References

  • Paragraphs cited in this workpaper (verification status)

    References

8

Checks and financial statement impact

  • Judgement documentedPass
  • Rationale writtenPass
Assets
0
Liabilities
0
Profit or loss
0
OCI
0
Equity
0