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Section 33 – Related Party Disclosures |
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1. |
Relationships between a parent and its subsidiaries shall be disclosed irrespective of whether there have been related party transactions. An entity shall disclose the name of its parent and, if different, the ultimate controlling party. If neither the entity’s parent nor the ultimate controlling party produces financial statements available for public use, the name of the next most senior parent that does so (if any) shall also be disclosed. |
33.5 |
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2. |
An entity shall disclose key management personnel compensation in total. (As defined in S.33.6) |
33.7 |
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3. |
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. Examples of related party transactions that are common to entities within the scope of this FRS include, but are not limited to: a) transactions between an entity and its principal owner(s); b) transactions between an entity and another entity when both entities are under the common control of a single entity or person; and c) transactions in which an entity or person that controls the reporting entity incurs expenses directly that otherwise would have been borne by the reporting entity. |
33.8 |
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4. |
If an entity has related party transactions, it shall disclose the nature of the related party relationship as well as information about the transactions, outstanding balances and commitments necessary for an understanding of the potential effect of the relationship on the financial statements. Those disclosure requirements are in addition to the requirements in paragraph 33.7 to disclose key management personnel compensation. At a minimum, disclosures shall include: a) The amount of the transactions. b) The amount of outstanding balances and: i. their terms and conditions, including whether they are secured, and the nature of the consideration to be provided in settlement; and ii. details of any guarantees given or received. c) Provisions for uncollectible receivables related to the amount of outstanding balances. d) The expense recognised during the period in respect of bad or doubtful debts due from related parties. Such transactions could include purchases, sales, or transfers pf goods or services, leases, guarantees and settlements by the entity on behalf of the related party or vice versa. |
33.9 |
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5. |
An entity shall make the disclosures required by paragraph 33.9 separately for each of the following categories: a) entities with control, joint control or significant influence over the entity; b) entities over which the entity has control, joint control or significant influence; c) key management personnel of the entity or its parent (in the aggregate); and d) entities that provide key management personnel services to the entity; and e) other related parties. |
33.10 |
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6. |
An entity shall not state that related party transactions were made on terms equivalent to those that prevail in arm’s length transactions unless such terms can be substantiated. |
33.13 |
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7. |
An entity may disclose items of a similar nature in the aggregate except when separate disclosure is necessary for an understanding of the effects of related party transactions on the financial statements of the entity. |
33.14 |
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