20-11-2009 | EFRAG requests comments on its draft endorsement advice and draft effects study report on the amendments to IAS 24 Related Party Disclosures

EFRAG has issued an Invitation to Comment relating to the endorsement for use in the EU of the amendments to IAS 24 Related Party Disclosures. It is consulting both on its assessment of the Amendments against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from its application in the EU. Comments are requested by 10 January 2010
	IAS 24 Related Party Disclosures defines a “related party” and sets out the information that an entity must provide when it engages in transactions with parties that are considered to be related. The IASB have amended IAS 24 to: (a) simplify the definition of a “related party” while eliminating some internal inconsistencies and to make it symmetrical; and (b) provide relief for government-related entities in relation to the amount of information such entities need to provide in respect to related party transactions. In addition, other minor changes to the Standard have been made. EFRAG has issued an Invitation to Comment relating to the endorsement, for use in the EU, of IAS 24 as amended. It is consulting both on its assessment of the amendments against the EU endorsement criteria and on its initial assessment of the costs and benefits that would arise from the implementation of the amendments in the EU. Comments are requested by 10 January 2010.
Document : EFRAGs DRAFT Invitation to Comment on IAS 24 Related Party Disclosures.doc