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Related party transactions. the amount of the transactions. the amount of outstanding balances, including terms and conditions and guarantees. provisions for doubtful debts related to the amount of outstanding balances. expense recognised during the period in respect of bad or doubtful debts due from related parties.

A related party is a person or an entity that is related to the reporting entity: A person or a close member of that person's family is related to a reporting entity if that person has control, joint control, or significant influence over the entity or is a member of its key management personnel.

The two main categories of disclosures required by IFRS 7 are: information about the significance of financial instruments....The qualitative disclosures describe: risk exposures for each type of financial instrument. management's objectives, policies, and processes for managing those risks. changes from the prior period.

If the entity has transactions with the related party during the financial year, then it shall disclose the nature of such transactions, and also all the details such as amount, outstanding balances including commitments, provision for doubtful debts, and the expense recognised in respect of bad and doubtful debts.

ing to AS 18, a related party is defined as “one-party having the potential to: Control* the other party. Exercise significant influence over the other party in making financial and/or operating decisions at any time throughout the year.” Control entails.

Examples of common transactions with related parties are: Sales, purchases, and transfers of real and personal property. Services received or furnished, such as accounting, management, engineering, and legal services. Use of property and equipment by lease or otherwise.

An entity shall disclose key management personnel compensation in total and for each of the following categories: (a) short-term employee benefits; (b) post-employment benefits; (c) other long-term benefits; (d) termination benefits; and (e) share-based payment.

The objective of IAS 24 is to ensure that an entity's financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances, including commitments, ...