PowerPoint Presentation

[Audio] Good day everyone, I hope that you are doing well. Today we will be discussing….

[Audio] Throughout this topic our learning objective is to… and….

[Audio] Related party relationships are a common feature of business. Related party disclosures are necessary to indicate the possibility that an entity's financial position and performance might have been affected by the existence of such relationship. This is because related parties often enter into transactions that unrelated parties would not. Examples of these relationships will be shown as we go along on our discussion.Control, significant influence and joint control refer to the degree of one party's ability to affect the relevant decisions of another..

[Audio] One example of related parties are the Jollibee Foods Corporation and the companies operating under the trade names … All these companies are related. Collectively, they are referred to as the " Jollibee Group.' … are also fellow subsidiaries with a common parent which is.. So in this case, these subsidiaries might sell goods to Jollibee Foods Corp at preferential rates or the other way around that are unavailable to unrelated parties. Sometimes the ,mere existence of a related party relationship is sufficient to affect an entity's financial position and performance even in the absence of related party transactions. For example, jolibee might dictate chowking or mang inasal's choice of supplier. For these reasons, users of financial statements need information on related party, relationships, transactions, outstanding balances and commitments to help them better assess the risks and opportunities surrounding the entity..

[Audio] Key management personnel - are "those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of the entity..

[Audio] Close family member is one who may be expected to influence, or be influenced, the person in his/her dealings with the reporting entity..

[Audio] There are also instances where parties are not related even though it seems that they are. For example….

Related Parties. PAS 24 Related Party Disclosures.

Disclosure. PAS 24 Related Party Disclosures. BMTeano.

Short-term employee benefits post-employment benefits; other long-term benefits; termination benefits; and share-based payment..

Related Party Transactions. PAS 24 Related Party Disclosures.

Examples of transactions that are disclosed if they are with a related party: purchases or sales of goods, services or other assets leases transfers of research and development transfers under license agreements loans and other financing arrangements, including equity contributions.

Related Party Transactions. PAS 24 Related Party Disclosures.

Government-related Entities. PAS 24 Related Party Disclosures.

a. name of the government and the nature of the relationship b. nature and amount of each individually significant transaction c. other transactions that are collectively significant but are individually insignificant.

PAS 24 Related Party Disclosures. BMTeano. 16. END.