• The related party transactions note is manual
  • Fields and balance checks can be inserted, for instance for trade receivables and trade payables

 

 

Rounding

To override the legislated rounding rules that dictate lower rounding denominations:

  • Click Reports > Options > Setup
  • Set Rounding - Related party transactions to On
  • The rounding will be based on the selection in Rounding
  • It is also possible to click the settings icons to the right of the table

 

 

Parent entities

Where the Related party transactions note is turned off (when special purpose), and the entity is foreign controlled, rename 'Spare note D' to 'Parent entities' and state (modify where applicable):

 

The immediate parent entity is [NAME] (incorporated in [COUNTRY]), which at 31 December 2023 owned 100% (2022: 100%) of the issued share capital of the [ENTITY NAME]. The ultimate parent entity is [NAME] (incorporated in [COUNTRY]), a company listed on the [NAME] stock exchange.

 

 

Significant influence

  • An additional class of related party is significant influence
  • Significant influence is the power to participate in the financial and operating policy decisions of an entity but is not control over those policies
  • Significant influence may be gained by share ownership, statute or agreement
  • A party with significant influence typically holds more than 20% of the voting rights in the entity

 

 

Aggregated information for different categories of related parties

Instead of disclosing every transaction, receivable, payable and loan with each individual related party, as per IAS 24 (19) group these by categories such as:

  • Associates
  • Commonly controlled entities
  • Controlling entities
  • Entities with significant influence
  • Joint ventures
  • Key management personnel
  • Subsidiaries
  • Other related parties

 

 

Transactions with related parties

The initial paragraph starting with 'There were no transactions with related parties...' will appear if there are no tables turned on and there are no paragraphs turned on within this section.

 

 

Receivable from and payable to related parties

The initial paragraph starting with 'There were no trade receivables from or trade payables to related parties...' will appear if there are no tables turned on and there are no paragraphs turned on within this section.

 

 

Loans to/from related parties

The initial paragraph starting with 'There were no loans to or from related parties...' will appear if there are no tables turned on and there are no paragraphs turned on within this section.

 

 

Terms and conditions

Modify terms and conditions wording as required. An example is as follows:

 

Transactions involving the sale of goods and purchase of goods between related parties are made in accordance with a transfer pricing agreement. Interest received and interest paid on loans is calculated monthly on LIBOR + 1.25%. There is no security held or guarantees given on related party loans.

 

 

Scale numerical values

To scale values if they do not fit within the column width:

  • Click the settings icon to the right of the table (Scale specific numerical values); or
  • Edit the table column widths