Get the free HKAS 24 Related Party Disclosures

HAS 24 Related Party Disclosures (Relevant to AAT Examination Paper 7: Financial Accounting and Paper I: BE Financial Accounting) Stella So, Hong Kong Baptist University Introduction Related party

How to fill out hkas 24 related party

How to fill out HKAS 24 related party:

1. Identify the related parties: Start by identifying any entities or individuals who might be considered as related parties under HKAS 24. This can include individuals such as key management personnel, close family members, and entities in which the reporting entity has significant influence or control.
2. Gather relevant information: Collect all the necessary information about the related parties, including their names, relationships with the reporting entity, and the nature of transactions or arrangements entered into with them.
3. Disclose related party transactions: Report any transactions or arrangements with related parties in the financial statements. Provide details about the nature, terms, and conditions of these transactions, including the amounts involved and any outstanding balances.
4. Ensure consistency and accuracy: Ensure that the information provided is accurate and consistent with other financial information reported by the entity. Any discrepancies or inconsistencies should be resolved before finalizing the related party disclosures.
5. Disclose key management personnel compensation: As per HKAS 24, disclose the compensation of key management personnel, including directors and executives. Provide detailed information about the components of their compensation, such as salaries, bonuses, and benefits.
6. Regularly review and update: Keep track of any changes in related party relationships or transactions throughout the reporting period. Regularly review and update the related party disclosures to reflect any new or modified arrangements.

Who needs HKAS 24 related party?

1. Companies listed on a stock exchange: Publicly listed companies are generally required to comply with accounting standards, including HKAS 24, which may require the disclosure of related party transactions.
2. Large private companies: Even if not publicly listed, large private companies may still need to comply with HKAS 24 if it is a requirement imposed by regulators or lenders.
3. Auditors and financial professionals: Professionals in the field of accounting, auditing, and finance need to be familiar with and understand HKAS 24 related party requirements in order to accurately assess and report on a company's financial position and transactions.

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What is hkas 24 related party?

HKAS 24 related party refers to transactions or relationships between an entity and any parties related to that entity.

Who is required to file hkas 24 related party?

Entities that fall under the reporting requirements outlined in HKAS 24 are required to file related party disclosures.

How to fill out hkas 24 related party?

Fill out the related party disclosures section in accordance with the guidelines provided in HKAS 24, ensuring all relevant information is included.

What is the purpose of hkas 24 related party?

The purpose of HKAS 24 related party is to provide transparency about transactions and relationships between an entity and related parties, which could potentially impact the entity's financial position.

What information must be reported on hkas 24 related party?

Information such as the nature of the relationship, description of the transactions, amounts involved, and any outstanding balances must be reported on HKAS 24 related party.