IAS 24- Related Party Disclosures 2 Credits
Learning mode
Related party relationships are a normal feature of commerce and business. For example, entities frequently perform part of their activities through subsidiaries, joint ventures, and associates. In those circumstances, the entity has the ability to affect the financial and operating policies of the investee through the presence of control, joint control, or significant influence.
For these reasons, knowledge of an entity’s transactions, outstanding balances, including commitments, and relationships with related parties may affect assessments of its operations by users of financial statements, including assessments of the risks and opportunities facing the entity.
Under U.S. GAAP, related party transactions need to be disclosed in the financial statements. If there are no transactions, nothing else is required to be included.
However, under International Financial Reporting Standards (IFRS), the requirement is that a related party relationship needs to be disclosed even if there is no transaction between the reporting entity and the related party.Â
The purpose of the IFRS requirement is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balance including commitments, with such parties.
This online CPE webinar for CPAs will help you understand when a relationship exists between a party and the entity, whether it should be reported, and how to report it.
This online Accounting CPE webinar covered the following major topics:
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Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.
An entertaining and informative speaker and trainer, Mike is the author of:
“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
SM
This was a good class. The sound wasn't the greatest (a bit of an eco.
TK
Really good information and will use it at my job
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