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IAS 24- Related Party Disclosures

  • Accountant
  • CPA (CA)
  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL
  • CFIRS
  • CWS

Published: October, 2021

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Before starting this self study program, please go through the instructional document.

  • 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)
  • 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 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Certified Management Accountants (CMA)
  • 2 CPE Credit for Certified Internal Auditors (CIA)
  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper
  • 2 CPD Credit for Chartered Professional Accountant (CPA Canada)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.2

138 Ratings

Excellent

58

Very Good

56

Average

19

Poor

5

Terrible

0

HS

Herbert Schectman, Accountant, CPA (US)

Jan 12th, 2022

Great

SM

Sarah Manning, Accountant, CPA (US)

Dec 28th, 2021

Great refresher on related party disclosures

TK

Tyler Konarik, CPA (US)

Dec 9th, 2021

Really good information and will use it at my job

EH

Elizabeth Hernandez, CPA (US)

Nov 18th, 2021

the material was informative, the instructor was a bit dry to listen to.

NS

Nathaniel Snodgrass, CPA (US)

Dec 16th, 2021

Effective presentation, just did not relate to my current job

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