IAS 24 Related Party Disclosures
Posted: 07 Mar 2024, 14:28
Hi
This query is based on Indian Accounting Standards context. Since it is substantially drawn from IAS only amendment relates to inclusion of brother sister father and mother in the close member of the family of a person. Otherwise the entire standard is same as in IAS 24
My query is
In Ind AS 24 Related Party Disclosures- In Close member of a family member can we include
1. A person other than a family member who is a dependent upon the person or spouse or domestic partner or it restricts only those other family members who are dependent upon them. Because the definition starts with Close family member…
2. Since the definition is an inclusive one we need to include siblings and parents whether or not they expected to influence
3. Then the phrase “may be expected to influence or influenced by” is referred to only those persons whose relationship have not been mentioned in the definition that is other than children, spouse, domestic partner, brother, sister, father and mother.
4. Since Ind AS are principle based standards shall we also apply the phrase to all the family members and others who are expected to influence the person in their dealings with the entity. Because post partition between family members can we say the brothers and sisters are still able to influence one another. Though “Yes” in financials can we omit them as they couldn’t have any potential influence
Your guidance and opinion please
This query is based on Indian Accounting Standards context. Since it is substantially drawn from IAS only amendment relates to inclusion of brother sister father and mother in the close member of the family of a person. Otherwise the entire standard is same as in IAS 24
My query is
In Ind AS 24 Related Party Disclosures- In Close member of a family member can we include
1. A person other than a family member who is a dependent upon the person or spouse or domestic partner or it restricts only those other family members who are dependent upon them. Because the definition starts with Close family member…
2. Since the definition is an inclusive one we need to include siblings and parents whether or not they expected to influence
3. Then the phrase “may be expected to influence or influenced by” is referred to only those persons whose relationship have not been mentioned in the definition that is other than children, spouse, domestic partner, brother, sister, father and mother.
4. Since Ind AS are principle based standards shall we also apply the phrase to all the family members and others who are expected to influence the person in their dealings with the entity. Because post partition between family members can we say the brothers and sisters are still able to influence one another. Though “Yes” in financials can we omit them as they couldn’t have any potential influence
Your guidance and opinion please