Scope of application

Learning objectives

• Identify the matters covered by the Standard (relationships, transactions, outstanding balances and commitments, circumstances and content of the disclosures).L1, L2

Normative references

• IAS 24 §2Scope: the Standard is applied in identifying related party relationships and transactions and the resulting outstanding balances (including commitments), in identifying the circumstances in which disclosure of these items is required, and in determining the disclosures to be made.
• IAS 24 §3Application: disclosure of related party relationships, transactions and outstanding balances (including commitments) is required in the consolidated financial statements and in the separate financial statements, within the meaning of IAS 27, of a parent or of investors with joint control of, or significant influence over, an investee, presented in accordance with IFRS 10 or IAS 27; the Standard also applies to individual financial statements.

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

2 questions

• A parent that prepares separate financial statements must also provide in them the related party disclosures required by IAS 24.L1
• The management accountant of Lormont SA lists the work needed for the related party note. Which list matches what the standard helps to determine?L2