IAS 24- Related Party Disclosures

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Course Description
Course Qualification
Presenter
Faq

Course Description

Overview

IFRS 101 Qualitative characteristics

3 mins
Assets 101

15 mins
Who does IAS 2 not apply to?

30 mins
IAS 24: Who are not related parties?

40 mins
Disclosures

48 mins

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 Accounting CPE webinar covered the following 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.

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.

Recommended For

This Online CPE/CE webinar is recommended for CPAs, CMAs, CIA, IAPs, QIAL,s and other professionals interested in upgrading their accounting and reporting knowledge and skills.

Who Should Attend?

Accountant
Accounting Firm
Accounting Managers
Accounting Practice Owners
Accounts Director
Certified Public Accountant
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
CPA in Business
Entrepreneurial Accountant
Entrepreneurial CPA
Senior Accountant
Staff of Accounting Firm
Young CPA

Course Qualification

Webinar Qualifies For

2 CPE Credit for Internal Audit Practitioner (IAP)
2 CPD Credit for Chartered Professional Accountant (CPA Canada)
2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
2 CPE Credit for Certified Management Accountants (CMA)
2 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)

Presenter

About Presenter

Michel Morley

Founder Mike Morley

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.

Faq

FAQs content

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