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IAS 24- Related Party Disclosures

  • CFE
  • CPA (US)
  • CVA
IAS 24- Related Party Disclosures

2 Credits

$20

Subject Area

Auditing

Webinar Qualifies For

2 CPE credit of Auditing for all CPAs

2 CPE credit for Certified Management Accountants (CMA)

2 CPE credit for Certified Fraud Examiners (CFEs)

2 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

Financial Intelligence for Entrepreneurs, Executives, and Directors

(1)

Oct 25, 2021 | 09:00 AM EDT View Details

Are You Ready for a Capital Campaign?

Oct 25, 2021 | 09:00 AM EDT View Details

Differences between IFRS and GAAP

(16)

Oct 25, 2021 | 09:30 AM EDT View Details

Corporate External Financial Reporting Decisions

(17)

Oct 25, 2021 | 10:00 AM EDT View Details

Everything You Need to Know About Partnerships

(13)

Oct 25, 2021 | 10:00 AM EDT View Details

Basis Calculations & Distributions For Pass-thru Entity Owners Schedule K-1 Analysis (Latest)

(122)

Oct 25, 2021 | 10:00 AM EDT View Details

Basic Concepts of Fixed Asset Accounting

(4)

Oct 25, 2021 | 10:00 AM EDT View Details

Excel Accountant: Internal Control

(6)

Oct 25, 2021 | 10:00 AM EDT View Details

Real Estate Tax Strategies: Cost Recovery, Partial Dispositions, Removal Cost, Int. Deductions, Repairs & Capital Improvements

(20)

Oct 25, 2021 | 10:00 AM EDT View Details

The Structure and Organization of the IRS

(745)

Oct 25, 2021 | 10:00 AM EDT View Details

Federal Tax Update – Individual & Business Current Developments

(12)

Oct 25, 2021 | 10:00 AM EDT View Details

IRS Form 1099 Reporting Req. including updates on FORM 1099-NEC (LATEST 2021)

(272)

Oct 25, 2021 | 10:00 AM EDT View Details

Money Laundering Risks and Countermeasures for Accountants and Other Professionals

(9)

Oct 25, 2021 | 10:30 AM EDT View Details

Quickbooks Online for Accountants Work Centre - Managing your Practice

(18)

Oct 25, 2021 | 10:30 AM EDT View Details

Business Killers – 12 Ways to Protect Your Business

Oct 25, 2021 | 10:30 AM EDT View Details

Course Description

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. 

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 CPE webinar for CPAs covered major topics:

  • Review the objective and scope of IAS 24.
  • Examine definitions and concepts of related parties.
  • Discern between who is a related party and who is not.
  • Learn disclosure requirements for related party transactions.
  • Know disclosure requirements for related party relationships.
  • Understand key management disclosure rules.
  • Be familiar with government relationship disclosure requirements.
  • Learn what judgment can be applied in deciding how much detail to disclose.

Recommended for: 

CPAs or other professionals interested in upgrading their Auditing and reporting knowledge and skills.

Learning Objectives

  • To apply IAS 24 requirements for disclosures of related party transactions, balances, commitments, and relationships that can possibly influence financial statements.
  • To explain disclosure requirements for groups of companies.
  • To be able to decide what and when to disclose, and when not to.
  • To provide useful information about related parties to users of the financial statements.

Who Should Attend?

  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA