Disclosure about the parent and ultimate control

Learning objectives

• Identify the disclosures about the parent and the ultimate controlling party, irrespective of whether there have been transactions.L1, L2, L3

Normative references

• IAS 24 §13Relationships between a parent and its subsidiaries are disclosed irrespective of whether there have been transactions between them. An entity discloses the name of its parent and, if different, of the ultimate controlling party; if neither produces consolidated financial statements available for public use, it discloses the name of the next most senior parent that does so.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

2 questions

• An entity discloses its relationships with its parent and with its subsidiaries, whether or not it entered into transactions with them during the year.L1
• Vexin SA is 100% owned by Vexin Holding. During the year, Vexin SA entered into no transaction with Vexin Holding and has no balance with it. The controller hesitates to mention the parent in the related party note. What should be done?L2