ias 24

[AII]

is there any exemption for government organization from disclosing related parties including key management members? if possible please attach some explanatory information.

Thank u in advance


Amii

[Marek Muc]

https://ifrscommunity.com/knowledge-bas ... d-entities

What kind of difficulties do you have with identifying or disclosing transactions with key management personnel?

[AII]

First of all thank u.

My question is on year end financial report preparation I disclosed related parties like key management members. However my immediate boss said that since we are government organization we are not required to disclose related party. so is there really exemption with regard to the disclosure of related party for government
organizations.

Amii

[Marek Muc]

I see, so the answer is in my previous post, as you can see there's no relief for disclosures relating to key management personnel

[AII]

Thank u

[nauman]

You still have some flexibility with regards to what constitutes as key management as that is a matter of judgement.

[Marek Muc]

true, in Poland for example some entities consider only board members of the parent company to be key management personnel of the Group, whereas other include executive directors of the parent and CEOs of major subsidiaries

[JRSB]

Would seem tricky to exclude non-exec statutory directors of TopCo?

[Marek Muc]

Oh, by 'board' members I meant non-executive directors as well, in Poland we call them 'Supervisory Board' and they are considered to be the key management personnel under IAS 24
But some entities exclude executives who are not members of the management board, which is a statutory body of every company