Related Party Disclosures
IFRS Watch - Issue 33
Related Parties is arguably one of the sleeping giants in IFRS transition. The impact of changeover from a Nigerian financial reporting regime, to an IFRS environment is perhaps not fully clear for some entities. Entities would have to delve deeply into this issue now as the implementation team considers the extent of disclosure changes that may be necessary in their IFRS financial statements.
The implementation teams of most entities are definitely aware that under IAS 24, Related Party Disclosures (IAS 24), there is significantly increased disclosure as compared to Nigerian Generally Accepted Accounting Principles (NGAAP) but have not yet considered what this will mean for them.