The scope of IAS 24 states that IAS 24 shall be applied in identifying the followings, except for:
A) outstanding balances, including commitments, between an entity and its related parties;
B) insider trading with related parties;
C) circumstances in which disclosures of transactions with related parties are required;
D) related party relationships and transactions.

Question

Quizplus · Accepted Answer

IAS 24 is applicable in identifying related party relationships and transactions, outstanding balances (including commitments) between an entity and its related parties, and the circumstances in which disclosures of transactions with related parties are required. However, it does not address the issue of insider trading with related parties.

The Scope of IAS 24 States That IAS 24 Shall