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Disclosure under IAS 24, Related parties
08-18-2010, 03:48 AM
Post: #1
Disclosure under IAS 24, Related parties
I am currently on a statuary audit assignment of a public ltd, listed company.
I have a query related to IAS 24 related parties, in financial statements, the company has shown an amount of Rs. 20 Million, which payable to CEO as remuneration, the said amount is outstanding from two years.
Now I need to know that should be disclose this fact in the financial statement that that Rs. 20M is outstanding against CEO’s salary or not? (The company discloses one year expense in the key management remuneration on disclosure – i.e. the transaction during the year) but what for the amount which is outstanding from two years (outstanding balance).
I’ll be very thankful if anyone helps me in this regards.

krebs38
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08-18-2010, 02:40 PM
Post: #2
 
Disclosure shoud be given as it is also liability of the company to pay the amount to C.E.O.
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08-19-2010, 04:48 AM
Post: #3
 
All items, P & L n Balance sheet that relate to related party should be disclosed..
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