IASB July 2006

The Board decided to add to its agenda a project to amend IAS 24 Related Party Disclosures. The project will focus on two aspects of IAS 24:

• the requirements of IAS 24 for entities with significant state ownership when they have transactions with similar entities; and
• whether, when an associate of an entity is preparing its own financial statements, the requirements of IAS 24 should include as related party transactions the transactions between an associate and a subsidiary of the associate’s significant investor.

The project aims to publish an exposure draft by the end of 2006. The amended standard is expected to be issued during the second half of 2007 with an effective date some time later.