CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

IAS 24- Related Party Disclosures

Michel Morley

Mike Morley

Monday, March 29, 2021 | 04:00 PM EDT

  • CFEs
  • CPA (US)
  • CVA

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

the fundamentals of peos: everything you need to know to find, refer and work with a professional employer organization

(85)

Aug 03, 2021 | 02:00 PM EDT View Details

niche strategy: grow your bottom line with high value clients

Aug 03, 2021 | 02:00 PM EDT View Details

cracking the corruption code

(3)

Aug 03, 2021 | 02:00 PM EDT View Details

retirement plan beneficiary disasters and how to avoid & fix them

(2)

Aug 03, 2021 | 02:00 PM EDT View Details

employment law issues must know for accountants

(6)

Aug 03, 2021 | 02:30 PM EDT View Details

sox identifying and documenting controls

Aug 03, 2021 | 03:00 PM EDT View Details

multistate tax compliance: where and when businesses are subject to state taxes

(111)

Aug 03, 2021 | 03:30 PM EDT View Details

the art of effective communication

(30)

Aug 03, 2021 | 03:30 PM EDT View Details

creating a development (fundraising) plan for your non-profit

Aug 04, 2021 | 09:00 AM EDT View Details

mastering irs representation

Aug 04, 2021 | 09:00 AM EDT View Details

what to do when you owe sales tax to the government

(36)

Aug 04, 2021 | 09:30 AM EDT View Details

financial economic sustainability performance

Aug 04, 2021 | 09:30 AM EDT View Details

smarter social security

(149)

Aug 04, 2021 | 10:00 AM EDT View Details

sox internal controls for accounts payable, receivable & inventory

(2)

Aug 04, 2021 | 10:00 AM EDT View Details

s-corp preparation, basis calculations & distributions – form 1120s schedule k & k-1 analysis

(4)

Aug 04, 2021 | 10:00 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