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Objective and Scope
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Objective and Scope
Disclosure requirements
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Definitions
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What is a related party?
Close members of the family of a person are those family members who may be
expected to influence, or be influenced by, that person in their dealings with the
entity including:
► that person’s children, spouse or domestic partner, brother, sister, father and
mother;
► children of that person’s spouse or domestic partner; and
► dependants of that person or that person’s spouse or domestic partner.
Key management personnel are those persons having authority and responsibility
for planning, directing and controlling the activities of the entity, directly or indirectly,
including any director (whether executive or otherwise) of that entity.
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Definition of “close members of family”
Person
Domestic
Spouse Children Dependent
partner
Persons Directing Or
Responsibility
Indirectly
Controlling
Who are key
management
personnel?
What is a related party?
An entity is related to a reporting entity if any of the below conditions are met:
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Key terms
Control
Control arises when an investor:
• Has power over the investee;
• Rights to variable returns; and
• The ability to affect those returns
Significant Influence
Power to participate in, but not control of, the entity’s financial
and operating policy decisions.
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Entities that are related parties of Reporting Entity A
Entity Y Entity X
(has joint P (has significant
control over A) (Parent of A) influence over A)
[nd IAS [nd IAS 24.9(b)(i)] [Ind AS
24.9(b)(ii)] 24.9(b)(ii)]
Entity J Entity I
Entity D Group entities Group entities
(significantly (jointly
(jointly controlled of Y of X
influenced by Y) controlled by X)
by Entity Y) [Ind AS [Ind AS
[Ind AS [Ind AS
[Ind AS 24.9(b)(iii)] 24.9(b)(ii)] 24.9(b)(ii)]
24.9(b)(iv)] 24.9(b)(iv)]
Entities controlled or
Associates or
jointly controlled by FS
jointly controlled
related parties of A (Fellow sub of A)
entities of Parent P
(that are persons) [Ind AS 24.9(b)(i)]
[Ind AS 24.9(b)(ii)]
[Ind AS 24.9(b)(vi)] Reporting
Entities significantly Entity A
influenced by a
person that has
control or joint
control over A
[Ind AS 24.9(b)(vii)] Associates or
Associates or jointly
S jointly controlled
controlled entities of
Entities of which a (Sub of A) entities of A
fellow subsidiary FS
person that has [Ind AS 24.9(b)(i)] [Ind AS
[Ind AS 24.9(b)(ii)]
control or joint 24.9(b)(ii)]
control over A is a
Associates or Notes:
member of the key
jointly controlled 1) This diagram has not reflected a situation where the entity
management
entities of Sub S is a post-employment benefit plan (see Ind AS 24.9(b)(v)).
personnel
[Ind AS 24.9(b)(vii)] [nd IAS
24.9(b)(ii)]
Slide 11
Persons who are related parties of Reporting Entity A
Slide 12
Example 1
Investor J
Entity A Entity B
(jointly controlled by (jointly controlled by
Investor J) Investor J)
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Example 2
Entity J
Entity A Entity B
(jointly controlled by Investor (significantly influenced by
J) Investor J)
Entity C Entity D
(controlled by Entity A) (controlled by Entity B)
Investor J
Entity A Entity B
(significantly influenced (significantly influenced
by Investor J) by Investor J)
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Example 4
Entities C and D are NOT related
parties in accordance with Ind AS
24.11(b).
Director or other
member of key
management Entity C Entity D
personnel in
common
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Example 5 - Person as investor (Contd.)
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Example 6 - Member of same group
Entity H
100% 80%
Entity S Entity A
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Example 7 - JV of the same third party
Entity
H
50% 50%
Entity Entity
S A
100%
Entity
C
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Example 8 - JV and associates of the same
third party
Entity H
Entity Z
50% 30%
50%
Entity S Entity A
Providers of finance,
trade unions, public Customer, supplier
utilities, government etc. with whom
departments and significant volume of
agencies in course of business is
their normal dealings transacted
with an entity
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Examples of Related party transactions
Leasing arrangements
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Disclosure
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Disclosure requirements
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Disclosure requirements
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Disclosure – KMP Compensation
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Disclosure – KMP Compensation
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Key differences between Ind AS and IGAAP
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Key Differences between Ind AS and IGAAP
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Thank You