Completed
Date

Thursday 25 November 2021

Time

12:00 pm

Duration

1.5 CPD Hours

Session Topic

Know your related parties

Related-party relationships are a normal feature of commerce and business. Entities frequently pursue their activities through subsidiaries, joint ventures, and associates. In such circumstances, entities have the ability to affect the financial and operating policies of investees through the presence of control, joint control, and significant influence.  Related parties extend beyond these relationships.  Financial reporting of related-party relationships and transactions is challenging.

This session will:

  • Define related parties
  • Explain key requirements of AASB 124 Related Party Disclosure and AASB 12 Disclosure of Interests in Other Entities
  • Define related-parties’ context for charities and NFPs
  • Explore special purpose financial statements and related parties, and
  • Detail simplified-disclosure and related-party transactions.
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This session is presented by:

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Carmen Ridley

Principal | Australian Financial Reporting Solutions

Carmen has an excellent knowledge of financial reporting through significant experience with a number of major accounting firms in both the external audit and technical divisions and spending significant time analysing and interpreting accounting standards for clients. Carmen is the co-author of ‘Understanding and Implementing the Reduced Disclosure Regime’. Carmen is serving her third three-year term as a member of the AASB.