This topic includes FAQs relating to the following IFRS standards, IFRIC Interpretations and SIC Interpretations:
IAS 24 Related Party Disclosures |
Other resources
Sub-topic within this main topic are set out below, with links to IFRS Interpretation Committee agenda decisions and BDO IFRS FAQs relating to that sub-topic below each sub-topic:
| Sub-topic Number | Sub-topic and Related FAQ |
| 110.1 | Scope and definitions |
| 110.2 | Disclosures - All entities |
| 110.3 | Disclosures - Government‑related entities |
| 110.4 | Other issues |
|
FAQ# | Title | Text of FAQ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
IFRIC Agenda Decision - Definition of close members of the family of a person | May 2015 - The Interpretations Committee received a submission regarding the definition of close members of the family of a person in paragraph 9 of IAS 24. The submitter points out that the definition of close members of the family of a person in paragraph 9 does not specify that the parents of a person could be included in this definition. The submitter thinks that this definition should include a person’s parents, because in its view they are among the closest members of the family of a person who may be expected to influence, or be influenced by, that person in their dealings with the entity. The submitter further observes that local regulations in some jurisdictions include the parents of a person within the definition of ‘close members of the family of a person’. The submitter suggests that the Interpretations Committee could:
The Interpretations Committee observed that the definition of close members of the family of a person in paragraph 9 of IAS 24:
The Interpretations Committee further noted that the list of family members in paragraph 9(a)–(c) is non exhaustive and does not preclude other family members from being considered as close members of the family of a person. Consequently, the Interpretations Committee thought that other family members, including parents or grandparents, could qualify as close members of the family depending on the assessment of specific facts and circumstances. In the light of the existing IFRS requirements, the Interpretations Committee determined that neither an Interpretation nor an amendment to a Standard was necessary and therefore decided not to add this issue to its agenda. |
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