B C D E F

1 Index

2 MFRS 8 Operating Segments

3 Reference Presentation/disclosure requirement Company A Company B

This section of the checklist addresses MFRS 8, which requires certain entities to report astro topglove
4 information regarding the nature and financial effects of their various operating
segments.

5 For additional guidance, select Show in the next column

Reference
14 TQ Presentation/disclosure requirement Yes / No / N/A Yes / No / N/A

15 8A Does the entity :

(a) have a debt or equity instruments that are traded in a public market (for example, Yes Yes
16 a domestic or foreign stock exchange or an over-the counter market); or

(b) file or is in the process of filing, its (consolidated) financial statements with a Yes Yes
17 securities commission or other regulatory organisation for the purpose of issuing any
class of instruments in a public market; or

(c) choose to disclose voluntary information about segments that is described as Yes Yes
18 segment information.

19 If yes :
20 Core principle
MFRS 8:1 An entity shall disclose information to enable users of its financial statements to Yes Yes
21 evaluate the nature and financial effects of the types of business activities in which it
engages and the economic environments in which it operates.

22 Reportable segments
MFRS 8:11 The entity shall report separately information about each operating segment that:
23

a) has been identified in accordance with paragraphs 5 to 10 of MFRS 8, or results Yes Yes
from aggregating two or more of those segments in accordance with paragraph 12 of
24
IFRS 8 (see below); and

b) exceeds the quantitative thresholds in paragraph 13 of MFRS 8 (see below). Yes Yes
25

26 Notes:

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27 1) An operating segment is a component of an entity:

• that engages in business activities from which it may earn revenues

28 and incur expenses (including revenues and expenses relating to
transactions with other components of the same entity);

• whose operating results are regularly reviewed by the entity’s chief

29 operating decision maker to make decisions about resources to be
allocated to the segment and assess its performance; and

30 • for which discrete financial information is available.

See paragraphs 5 to 10 of MFRS 8 for a discussion of the terms used in this
31 definition.
2) IFRS 8 acknowledges that there may be a practical limit to the number of
reportable segments that an entity separately discloses beyond which segment
information may become too detailed. Although no precise limit has been
determined, as the number of segments that are reportable in accordance with
32
paragraphs 13 to 18 of IFRS 8 (see below) increases above ten, the Standard
suggests that the entity should consider whether a practical limit has been
reached.

33 Aggregation criteria
MFRS 8:12 Two or more operating segments may be aggregated into a single operating segment
34 if:

35 a) aggregation is consistent with the core principle of IFRS 8 (see above); Yes Yes

36 b) the segments have similar economic characteristics; and Yes Yes

37 c) the segments are similar in each of the following respects:

38 i) the nature of the products and services; Yes N/A

39 ii) the nature of the production processes; Yes N/A

40 iii) the type or class of customer for their products and services; N/A N/A

iv) the methods used to distribute their products or provide their Yes N/A
41 services; and

v) if applicable, the nature of the regulatory environment (e.g. banking, N/A N/A
42 insurance, or public utilities).

43 Quantitative thresholds

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MFRS 8:13 An entity shall report separately information about an operating segment that meets
44 any of the following quantitative thresholds:

a) its reported revenue, including both sales to external customers and No No

intersegment sales or transfers, is 10 per cent or more of the combined revenue,
45
internal and external, of all operating segments; or

b) the absolute amount of its reported profit or loss is 10 per cent or more of No No
the greater, in absolute amount, of (i) the combined reported profit of all
46 operating segments that did not report a loss and (ii) the combined reported loss
of all operating segments that reported a loss; or

c) its assets are 10 per cent or more of the combined assets of all operating No No
47 segments.

Note: Operating segments that do not meet any of the quantitative thresholds
outlined above may be considered reportable, and separately disclosed, if
48 management believes that information about the segment would be useful to
users of the financial statements.

Does the entity combine information about operating segments that do not meet the N/A N/A
quantitative thresholds with information about other operating segments that do not
49 meet the quantitative thresholds to produce a reportable segment?

50 If yes :
MFRS 8:14 Do the operating segments have similar economic characteristics and share a majority
51 of the aggregation criteria listed in paragraph 12 of IFRS 8 (see above)?

Does the total external revenue reported by operating segments constitute less than 75 No No
52 per cent of the entity’s revenue?
53 If yes :
MFRS 8:15 Additional operating segments shall be identified as reportable segments (even if they
do not meet the criteria in paragraph 13 of IFRS 8 as set out above) until at least 75
54
per cent of the entity’s revenue is included in reportable segments.

MFRS 8:16 Information about other business activities and operating segments that are not
reportable shall be combined and disclosed in an ‘all other segments’ category
55 separately from other reconciling items in the reconciliations required by paragraph 28
of IFRS 8 (see below).

The sources of the revenue included in the ‘all other segments’ category shall be
56 described.

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Does the management judge that an operating segment identified as a reportable No No
57 segment in the immediately preceding period is of continuing significance?

58 If yes :
MFRS 8:17 Information about that segment shall continue to be reported separately in the current
period even if it no longer meets the criteria for reportability in paragraph 13 of IFRS 8
59
(see above).

Is a new operating segment identified as a reportable segment in the current period in No No

60 accordance with the quantitative thresholds?

61 If yes :
MFRS 8:18 Segment data for a prior period presented for comparative purposes shall be restated
to reflect the newly reportable segment as a separate segment, even if that segment
62 did not satisfy the criteria for reportability in paragraph 13 of IFRS 8 (see above) in the
prior period.

Note: Prior period segment information need not be restated if the necessary
63 information is not available and the cost to develop it would be excessive.

64 Disclosure

MFRS 8:20 An entity shall disclose information to enable users of its financial statements to Yes Yes
65 evaluate the nature and financial effects of the business activities in which it engages
and the economic environments in which it operates.

66 Notes:
MFRS 8:21 1) To give effect to the principle in paragraph 20 of IFRS 8 (see above), an
67 entity shall disclose the following for each period for which a statement of
comprehensive income is presented:

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• general information as described in paragraph 22 of IFRS 8 (see below);

• information about reported segment profit or loss, including specified

revenues and expenses included in reported segment profit or loss,
segment assets, segment liabilities and the basis of measurement, as
described in paragraphs 23 to 27 of IFRS 8 (see below); and
68
• reconciliations of the totals of segment revenues, reported segment
profit or loss, segment assets, segment liabilities, and other material
segment items to corresponding entity amounts as described in paragraph
28 of IFRS 8 (see below).

2) Reconciliations of the amounts in the statement of financial position for

reportable segments to the amounts in the entity’s statement of financial position
are required for each date at which a statement of financial position is presented.
69
Information for prior periods shall be restated as described in paragraphs 29 and
30 of IFRS 8 (see below).

70 General information

71 MFRS 8:22 An entity shall disclose the following general information:

a) factors used to identify the entity’s reportable segments, including the basis Yes Yes
72 of organisation; and

aa) the judgements made by management in applying the aggregation criteria in Yes Yes
paragraph 12. This includes a brief description of the operating segments that
have been aggregated in this way and the economic indicators that have been
73
assessed in determining that the aggregated operating segments share similar
economic characteristics.

Note: Paragraph 22 was amended as a result of the IFRS 2010-2012 annual

improvements. The amendments are effective 1 July 2014 with earlier application
74
permitted

Note: For example, whether management has chosen to organise the entity
around differences in products and services, geographical areas, regulatory
75 environments, or a combination of factors and whether operating segments have
been aggregated.

b) types of products and services from which each reportable segment derives Yes No
76 its revenues.

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77 Information about profit or loss, assets and liabilities

78 MFRS 8:23 For each reportable segment, an entity shall report a measure of:

profit or loss Yes Yes

79
Does the entity regularly provide a measure of total assets and liabilities for each Yes Yes
80 reportable segment to the chief operating decision maker.

81 If yes :
An entity shall report a measure of total assets and liabilities for each reportable Yes Yes
82 segment .

An entity shall also disclose the following about each reportable segment if the specified
amounts are included in the measure of segment profit or loss reviewed by the chief
operating decision maker or are otherwise regularly provided to the chief operating
83
decision maker, even if not included in that measure of segment profit or loss:

84 a) revenues from external customers; Yes Yes

b) revenues from transactions with other operating segments of the same Yes Yes
85 entity;

c) interest revenue; Yes Yes

86
d) interest expense; Yes No
87

88 e) depreciation and amortisation; Yes Yes

f) material items of income and expense disclosed in accordance with N/A N/A
89 paragraph 97 of IAS 1;

g) the entity’s interest in the profit or loss of associates and joint ventures Yes No
90 accounted for by the equity method;

h) income tax expense or income; and No No

91
i) material non-cash items other than depreciation and amortisation. N/A N/A
92

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An entity shall report interest revenue separately from interest expense for each Yes No
reportable segment unless a majority of the segment’s revenues are from interest and
93 the chief operating decision maker relies primarily on net interest revenue to assess the
performance of the segment and make decisions about resources to be allocated to the
segment.

Note: Where a majority of the segment’s revenues are from interest and the chief
operating decision maker relies primarily on net interest revenue to assess the
performance of the segment and make decisions about resources to be allocated
94
to the segment, an entity may report that segment’s interest revenue net of its
interest expense and disclose that it has done so.

Are a majority of the segment’s revenues from interest and does the chief operating No Yes
decision maker rely primarily on net interest revenue to assess the performance of the
95 segment and make decisions about resources to be allocated to the segment?

96 If yes :
The entity that reports that segment’s interest revenue net of its interest expense shall No
97 disclose the fact that it has done so.

MFRS 8:24 An entity shall disclose the following about each reportable segment if the specified
amounts are included in the measure of segment assets reviewed by the chief
98 operating decision maker or are otherwise regularly provided to the chief operating
decision maker, even if not included in the measure of segment assets:

a) the amount of investment in associates and joint ventures accounted for by Yes No
99 the equity method; and

b) the amounts of additions to non-current assets other than financial Yes Yes
instruments, deferred tax assets, net defined benefit assets (see IAS 19
100
Employee Benefits) and rights arising under insurance contracts.

101 Measurement

MFRS 8:25 The amount of each segment item reported shall be the measure reported to the chief Yes Yes
102 operating decision maker for the purposes of making decisions about allocating
resources to the segment and assessing its performance.

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Adjustments and eliminations made in preparing an entity’s financial statements and Yes Yes
allocations of revenues, expenses, and gains or losses shall be included in determining
103 reported segment profit or loss only if they are included in the measure of the
segment’s profit or loss that is used by the chief operating decision maker.

Similarly, only those assets and liabilities that are included in the measures of the Yes Yes
104 segment’s assets and segment’s liabilities that are used by the chief operating decision
maker shall be reported for that segment.

If amounts are allocated to reported segment profit or loss, assets or liabilities, those N/A N/A
105 amounts shall be allocated on a reasonable basis.

Does the chief operating decision maker use only one measure of an operating Yes Yes
segment’s profit or loss, the segment’s assets or the segment’s liabilities in assessing
106 segment performance and deciding how to allocate resources?

107 If yes :
MFRS 8:26 Segment profit or loss, assets and liabilities shall be reported at those measures. Yes Yes
108

109 If no :
The reported measures shall be those that management believes are determined in
accordance with the measurement principles most consistent with those used in
110 measuring the corresponding amounts in the entity’s financial statements.

MFRS 8:27 An entity shall provide an explanation of the measurements of segment profit or loss, No No
111 segment assets and segment liabilities for each reportable segment.

112 At a minimum, an entity shall disclose the following:

a) the basis of accounting for any transactions between reportable segments; N/A N/A
113

b) the nature of any differences between the measurements of the reportable No No

segments’ profits or losses and the entity’s profit or loss before income tax
114 expense or income and discontinued operations (if not apparent from the
reconciliations described in paragraph 28 of IFRS 8 – see below);

Note: Those differences could include accounting policies and policies for
115 allocation of centrally incurred costs that are necessary for an understanding of
the reported segment information.

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c) the nature of any differences between the measurements of the reportable No No
116 segments’ assets and the entity’s assets (if not apparent from the reconciliations
described in paragraph 28 of IFRS 8 – see below);

Note: Those differences could include accounting policies and policies for
allocation of jointly used assets that are necessary for an understanding of the
117
reported segment information.

d) the nature of any differences between the measurements of the reportable No No

118 segments’ liabilities and the entity’s liabilities (if not apparent from the
reconciliations described in paragraph 28 of IFRS 8 – see below);

Note: Those differences could include accounting policies and policies for
allocation of jointly utilised liabilities that are necessary for an understanding of
119
the reported segment information.

e) the nature of any changes from prior periods in the measurement methods No No
120 used to determine reported segment profit or loss and the effect, if any, of those
changes on the measure of segment profit or loss; and

f) the nature and effect of any asymmetrical allocations to reportable No No

121 segments.

Note: For example, an entity might allocate depreciation expense to a segment

122 without allocating the related depreciable assets to that segment.

123 Reconciliations

124 MFRS 8:28 An entity shall provide reconciliations of all of the following:

Note: Reconciliations of the amounts in the statement of financial position for

reportable segments to the amounts in the entity’s statement of financial position
are required for each date at which a statement of financial position is presented.
125 Information for prior periods shall be restated as described in paragraphs 29 and
30 of IFRS 8 (see below).

a) the total of the reportable segments’ revenues to the entity’s revenue; Yes Yes
126
b) the total of the reportable segments’ measures of profit or loss to the Yes Yes
127 entity’s profit or loss before tax expense (tax income) and discontinued
operations;
Note: However, if an entity allocates to reportable segments items such as tax
128 expense (tax income), the entity may reconcile the total of the segments’
measures of profit or loss to the entity’s profit or loss after those items.

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c) the total of the reportable segments’ assets to the entity’s assets;
129 (effective prior 1 July 2014)

c) the total of the reportable segments’ assets to the entity’s assets if the Yes Yes
130 segment assets are reported in accordance with paragraph23. (effective 1 July
2014)

d) the total of the reportable segments’ liabilities to the entity’s liabilities if Yes Yes
131 segment liabilities are reported in accordance with paragraph 23 of IFRS 8 (see
above); and
e) the total of the reportable segments’ amounts for every other material item No No
132 of information disclosed to the corresponding amount for the entity.

All material reconciling items shall be separately identified and described.

133
Note: For example, the amount of each material adjustment needed to reconcile
reportable segment profit or loss to the entity’s profit or loss arising from
134 different accounting policies shall be separately identified and described.

135 Restatement of previously reported information

Has the entity changed the structure of its internal organisation in a manner that No No
136 causes the composition of its reportable segments to change?

137 If yes :
MFRS 8:29 The corresponding information for earlier periods, including interim periods, shall be
138 restated unless the information is not available and the cost to develop it would be
excessive.

Note: The determination of whether the information is not available and the cost
to develop it would be excessive shall be made for each individual item of
139
disclosure.

MFRS 8:30 An entity shall disclose whether it has restated the corresponding items of segment No No
140 information for earlier periods.

If segment information for earlier periods, including interim periods, is not restated to N/A N/A
reflect the change, the entity shall disclose in the year in which the change occurs
141 segment information for the current period on both the old basis and the new basis of
segmentation.

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Note: The disclosures set out in paragraph 30 of IFRS 8 (see above) are not
142 required where the necessary information is not available and the cost to develop
it would be excessive.

143 Entity-wide disclosures

MFRS 8:31 Note: Paragraphs 32 to 34 of IFRS 8 (see below) apply to all entities subject to
that Standard, including those entities that have a single reportable segment.
Some entities’ business activities are not organised on the basis of differences in
related products and services or differences in geographical areas of operations.
Such an entity’s reportable segments may report revenues from a broad range of
essentially different products and services, or more than one of its reportable
segments may provide essentially the same products and services. Similarly, an
144 entity’s reportable segments may hold assets in different geographical areas and
report revenues from customers in different geographical areas, or more than one
of its reportable segments may operate in the same geographical area.
Information required by paragraphs 32 to 34 of IFRS 8 (see below) shall be
provided only if it is not provided as part of the reportable segment information
required by IFRS 8.

145 Information about products and services

MFRS 8:32 An entity shall report the revenues from external customers for each product and Yes No
146 service or each group of similar products and services, unless the necessary
information is not available and the cost to develop it would be excessive.

Note: The amounts of revenues reported shall be based on the financial

147 information used to produce the entity’s financial statements.

Where the disclosures required under paragraph 32 of IFRS 8 (see above) are not made N/A No
148 because the information is not available and the cost to develop it would be excessive,
that fact shall be disclosed.

149 Information about geographical areas

MFRS 8:33 An entity shall report the following geographical information, unless the necessary
150 information is not available and the cost to develop it would be excessive:

151 a) revenues from external customers:

i) attributed to the entity’s country of domicile; and N/A Yes

152

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ii) attributed to all foreign countries in total from which the entity N/A Yes
153 derives revenues;

b) revenues from external customers attributed to an individual foreign N/A Yes

154 country, where those revenues are material;

c) the basis for attributing revenues from external customers to individual N/A Yes
155 countries;

d) non-current assets other than financial instruments, deferred tax assets,

156 post-employment benefit assets, and rights arising under insurance contracts:

i) located in the entity’s country of domicile; and N/A Yes

157
ii) located in all foreign countries in total in which the entity holds N/A Yes
158 assets; and

Note: For assets classified according to a liquidity presentation, non-current

assets are assets that include amounts expected to be recovered more than
159 twelve months after the reporting period.

e) where non-current assets other than financial instruments, deferred tax N/A Yes
assets, post-employment benefit assets, and rights arising under insurance
160 contracts in an individual foreign country are material, those assets are disclosed
separately.

Note: The amounts reported under paragraph 33 of IFRS 8 (see above) shall be
based on the financial information that is used to produce the entity’s financial
161 statements.

Where the necessary information for the disclosures required under paragraph 33 of N/A
162 IFRS 8 (see above) is not available, and the cost to develop it would be excessive, that
fact shall be disclosed.

An entity may provide, in addition to the information required by paragraph 33 of IFRS N/A No
163 8 (see above), subtotals of geographical information about groups of countries.

164 Information about major customers

MFRS 8:34 An entity shall provide information about the extent of its reliance on its major No No
165 customers.

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Do revenues from transactions with a single external customer amount to 10 per cent N/A N/A
166 or more of an entity’s revenues?

167 If yes :
The entity shall disclose that fact, the total amount of revenues from each such
168 customer, and the identity of the segment or segments reporting the revenues.

169 Notes:

1) The entity need not disclose the identity of a major customer nor the
170 amount of revenues that each segment reports from that customer.

2) For the purposes of MFRS 8, a group of entities known to a reporting entity

to be under common control shall be considered a single customer. However,
judgement is required to assess whether a government (including government
agencies and similar bodies whether local, national or international) and entities
171 known to the reporting entity to be under the control of that government are
considered a single customer. In assessing this, the reporting entity shall consider
the extent of economic integration between those entities.

172 Restatement of prior year segment information on adoption of IFRS 8

Segment information for prior years that is reported as comparative information for the Yes Yes
initial year of application (including application of the amendment to paragraph 23
173 made in April 2009) shall be restated to conform to the requirements of IFRS 8, unless
the necessary information is not available and the cost to develop it would be
excessive.

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1
2
3 Comments Comments

4
astro topglove
5

14

15

16
note 1 page 175 note 1 page 117

17
note 1 page 175 note 1 page 117

18
note 39 pg 275 note 43 page 181
19
20

21
note 1 page 175 note 1 page 117
22

23

24
note 39 pg 275 note 43 page 181

25
note 39 pg 275 note 43 page 182
26

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27

28

29

30

31

32

33
segments are
34 geographical areas
based organised, not
35 note 39 pg 275 discclosure
note 43 pagewere
181made
onto the fact that was
36 note 39 pg 275 it aggregated
note 43 page or
181not
37
38 note 39 pg 275 not disclosed
39 note 39 pg 275 not disclosed
40 not disclosed not disclosed
41
note 39 pg 275 not disclosed

42
not disclosed not disclosed
43

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44

not disclosed, china

not disclosed, and and british don’t meet
45 home shopping doesn't
the threshold
meet the thresholds
not disclosed, and not disclosed, china
home shopping doesn't and british don’t meet
46 meet the thresholds the threshold

not disclosed, and not disclosed, thailand,

47 home shopping doesn't china and british don’t
meet the thresholds meet the threshold
wasn't mention in the wasn't mention in the
report that it would be report that it would be
48 useful to users but useful to users but
assumed to be assumed to be
no disclosures were no disclosures were
made regarding made regarding
49 whether "others whether "others
segment consists of segment consists of
segments that do not segments that do not
50 meet quantitative meet quantitative
threshold" threshold"
51
not disclosed not disclosed
52

53

54 75% has been 75% has been

exceeded exceeded

55
- -

56
- -

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57

58

59
- -

60

61

62
- -
63

64

65
note 1 page 175 note 1 page 117
66

67

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68

69

70
71

72
note 39 pg 275 note 43 page 181

73

note 39 pg 275 note 43 page 181

74

75

76
note 39 pg 275 note 43 page 181

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77
78

79 note 39 pg 276 note 43 page 182

80
note 39 pg 276 note 43 page 182
81

82
note 39 pg 276 note 43 page 182

83

84 note 39 pg 276 note 43 page 182

85
note 39 pg 276 note 43 page 182
86 note 39 pg 276 note 43 page 182
87 note 39 pg 276 note 43 page 182
88 note 39 pg 276 note 43 page 182

89
note 39 pg 276 note 43 page 182

90 note 43 page 182, not

note 39 pg 276 in each segment
91 note 39 pg 276 note 43 page 182
92 note 39 pg 276 note 43 page 182

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note 43 page 182,
British Virgin Islands
93 segment revenue
majority from interest
note 39 pg 276
was not disclosed but
shown in financial
94 statement that all
revenue from interest

95

note 39 pg 276 note 43 page 182

96

97
- not disclosed

98

99 note 43 page 182, not

note 39 pg 276 in each segment

100
note 39 pg 276 note 43 page 182
101

102
note 39 pg 275 note 4.27 page 133

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103

note 39 pg 275 note 4.27 page 133

104
note 39 pg 275 note 4.27 page 133

105 not disclosed but not disclosed but

assumed to be assumed to be

106
No other measure was No other measure was
mentioned mentioned
107

108
note 39 pg 276 note 43 page 182
109

110
- -

111
note 39 pg 276 note 43 page 182
112

113

114
no differences no differences

115

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116
no differences no differences

117

118
no differences no differences

119

120
no differences no differences

121 no asymmetrical no asymmetrical

allocations allocations
122

123
124 - -

125

126
note 39 pg 275,
corporate functions note 43 page 182, reconcilation wasn't disclosed in words, but figures tallied with entity's soci, thus reconcilation assumed.
note 39 pg 275,
127 corporate functions
note 43 page 182, reconcilation wasn't disclosed in words, but figures tallied with entity's soci, thus reconcilation assumed.

128

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129
- -
note 39 pg 276
130
note 43 page 182, reconcilation wasn't disclosed in words, but figures tallied with entity's soci, thus reconcilation assumed.
note 39 pg 276
131
note 43 page 182, reconcilation wasn't disclosed in words, but figures tallied with entity's soci, thus reconcilation assumed.

132 no material item no material item

disclosed disclosed
133 no material item no material item
disclosed disclosed

134

135

136

137

138
- -

139

140
no changes disclosed no changes disclosed

141
no changes disclosed no changes disclosed

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142

143

144

145

146
note 39 pg 276 note 43 page 182

147

148 disclosures required are

made not disclosed
149

150

151

152 note 39 pg 276 note 43 page 182

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153
note 39 pg 276 note 43 page 182

154
note 39 pg 276 note 43 page 182

155
note 39 pg 276 note 43 page 182

156
- -
157 note 39 pg 276 note 43 page 182

158
note 39 pg 276 note 43 page 182

159

160
note 39 pg 276 note 43 page 183

161

no disclosures made
162 regarding fact of non-
disclosure of necessary
information -

163
- -
164

165
not disclosed not disclosed

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166
- -
167

168
- -
169

170

171

172

173

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 B C D E F
Index
1
2 MFRS124 Related Party Disclosures
3 Reference Presentation/disclosure requirement Company A Company B

This section of the checklist addresses the presentation and disclosure requirements of
the identification of related parties and transactions with related parties. The primary
issue is to ensure that all related parties are identified. The objective of MFS124 is to
ensure that an entity’s financial statements contain the disclosures necessary to draw
4 attention to the possibility that its financial position and profit or loss may have been
affected by the existence of related parties and by transactions and outstanding
balances, including commitments, with such parties.

10 For additional guidance, select Show in the next column

Reference Yes / No / Yes / No /

18 Presentation/disclosure requirement
N/A N/A
19 Identification of related parties

MFRS 124:9 A related party is a person or entity that is related to the entity that is preparing its
20 financial statements (also referred to as the “reporting entity”):

MFRS1 24:9(a) a) A person or a close member of that person’s family is related to a reporting
21 entity if that person:

(i) has control or joint control of the reporting entity;

22
(ii) has significant influence over the reporting entity; or
24

(iii) is a member of the key management personnel of the reporting entity

25 or of a parent of the reporting entity

b) An entity is related to a reporting entity if any of the following conditions

30 applies.

(i) The entity and the reporting entity are members of the same group
(which means that each parent, subsidiary and fellow subsidiary is related
31
to the others).

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(ii) One entity is an associate or joint venture of the other entity (or an
associate or joint venture of a member of a group of which the other entity
32
is a member).

(iii) Both entities are joint ventures of the same third party.
33

(iv) One entity is a joint venture of a third entity and the other entity is an
34 associate of the third entity.

(v) The entity is a post-employment benefit plan for the benefit of

employees of either the reporting entity or an entity related to the reporting
35 entity. If the reporting entity is itself such a plan, the sponsoring employers
are also related to the reporting entity.

(vi) The entity is controlled or jointly controlled by a person identified in

36 paragraph 9(a) of IAS 24 (see above).

(vii) A person identified in paragraph 9(a)(i) of IAS 24 (see above) has

significant influence over the entity or is a member of the key management
37 personnel of the entity (or of a parent of the entity).

(viii) The entity, or any member of a group of which it is a part, provides

key management personnel services to the reporting entity or to the parent
38
of the reporting entity.

47 Related party disclosures

48 All entities
24A Is the entity controlled by another entity or an individual?
49

50 If yes :
An entity shall disclose the name of its parent and, if different, its ultimate controlling
51 party.

Note: Relationships between a parent and its subsidiaries shall be disclosed

52 irrespective of whether there have been transactions between them.

If neither the entity’s parent nor the ultimate controlling party produces consolidated
financial statements available for public use, the name of the next most senior parent
53
that does so shall also be disclosed.

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Note: The next most senior parent is the first parent in the group above the
immediate parent that produces consolidated financial statements available for
54
public use.

To enable users of financial statements to form a view about the effects of related party
relationships on an entity, it is appropriate to disclose the related party relationship
55 when control exists, irrespective of whether there have been transactions between the
related parties.

Note: The requirement to disclose related party relationships between a parent

and its subsidiaries is in addition to the disclosure requirements in IAS 27 and
56
IFRS 12.

Note: IFRS 12 Disclosure of Interests in Other Entities, issued in May 2011,

amended paragraph 15 of IAS 24. An entity shall apply this amendment when it
57
applies IFRS 12.

58 Compensation of key management personnel

24B Did the entity have any related party transactions and outstanding balances with
59 related parties, including compensation for its key management personnel?

Note: A related party transaction is a transfer of resources, services or obligations

60 between a reporting entity and a related party, regardless of whether a price is
charged.

61 If yes :
An entity shall disclose key management personnel compensation in total.
62

An entity is not required to apply the requirements in paragraph 17 If an entity obtains

key management personnel services from another entity (the ‘management entity’).
63

64 Notes:

1) See guidance to IAS 24:9 above for the definition of key management
65 personnel.

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2) Compensation includes all employee benefits (as defined in IAS 19
Employee Benefits) including employee benefits to which IFRS 2 Share-based
Payment applies. Employee benefits are all forms of consideration paid, payable
66 or provided by the entity, or on behalf of the entity, in exchange for services
rendered to the entity. It also includes such consideration paid on behalf of a
parent of the entity in respect of the entity. Compensation includes:

a) short-term employee benefits, such as wages, salaries and social security

contributions, paid annual leave and paid sick leave, profit-sharing and
67 bonuses (if payable within twelve months of the end of the period) and non-
monetary benefits (such as medical care, housing, cars and free or
subsidised goods or services) for current employees;

b) post-employment benefits such as pensions, other retirement benefits,

68 post-employment life insurance and post-employment medical care;

c) other long-term employee benefits, including long-service leave or

sabbatical leave, jubilee or other long-service benefits, long-term disability
69 benefits and, if they are not payable wholly within twelve months after the
end of the period, profit-sharing, bonuses and deferred compensation;

d) termination benefits; and

70
e) share-based payment.

An entity shall disclose key management personnel compensation for each of the
71 following categories:
a) short-term employee benefits;
72

b) post-employment benefits;
73

c) other long-term benefits;

74

d) termination benefits; and

75

e) share-based payment.
76

77 Transactions between related parties

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Note: A related party transaction is a transfer of resources, services or obligations
78 between a reporting entity and a related party, regardless of whether a price is
charged.

If an entity has had related party transactions during the periods covered by the
79 financial statements, it shall disclose:

a) the nature of the related party relationship; and

80
b) information about those transactions and outstanding balances, including
81 commitments, necessary for users to understand the potential effect of the
relationship on the financial statements.

Note: These disclosure requirements are in addition to the requirements in

82 paragraph 17 of IAS 24 to disclose key management personnel compensation
(see above).

At a minimum, the information disclosed about related party transactions and

83 outstanding balances shall include:

a) the amount of the transactions;

84
b) the amount of outstanding balances, including commitments, and:
85
i) their terms and conditions, including whether they are secured, and
86 the nature of the consideration to be provided in settlement; and

ii) details of any guarantees given or received

87
c) provisions for doubtful debts related to the amount of outstanding balances;
88
and
d) the expense recognised during the period in respect of bad or doubtful debts
89 due from related parties.

Amounts incurred by the entity for the provision of key management personnel
services that are provided by a separate management entity shall be disclosed.
90

The disclosures required by paragraph 18 of IAS 24 (see above) shall be made

91
separately for each of the following categories:
a) the parent;
92

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b) entities with joint control of, or significant influence over, the entity;
93

c) subsidiaries;
94

d) associates;
95

e) joint ventures in which the entity is a joint venturer;

96

97
f) key management personnel of the entity or its parent; and
98

g) other related parties.

99

100 Notes:

1) The classification of amounts payable to, and receivable from, related

parties in the different categories as required in paragraph 19 of IAS 24 (see
above) is an extension of the disclosure requirement in IAS 1 Presentation of
Financial Statements for information to be presented either in the statement of
101
financial position or in the notes. The categories are extended to provide a more
comprehensive analysis of related party balances and apply to related party
transactions.

2) The following are examples of transactions that are disclosed if they are
102 with a related party:

103 a) purchases or sales of goods (finished or unfinished);

104 b) purchases or sales of property and other assets;

105 c) rendering or receiving of services;

106 d) leases;

107 e) transfers of research and development;

108 f) transfers under licence agreements;

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g) transfers under finance arrangements (including loans and equity
109 contributions in cash or in kind);

110 h) provisions of guarantees or collateral;

i) commitments to do something if a particular event occurs or does

111 not occur in the future, including executory contracts (recognised and
unrecognised); and
j) settlement of liabilities on behalf of the entity or by the entity on
112 behalf of that related party.

IAS 37 Provisions, Contingent Liabilities and Contingent Assets defines

executory contracts (see paragraph 21(i) above) as contracts under
113 which neither party has performed any of its obligations or both
parties have partially performed their obligations to an equal extent.

3) Participation by a parent or subsidiary in a defined benefit plan that shares

114 risks between group entities is a transaction between related parties (see
paragraph 42 of IAS 19(2011)).

115
Disclosures that related party transactions were made on terms equivalent to those that
prevail in arm’s length transactions are made only if such terms can be substantiated.
116

Items of a similar nature may be disclosed in aggregate except when separate

disclosure is necessary for an understanding of the effects of related party transactions
117
on the financial statements of the entity.

118 Government-related entities

24C Is the entity exempt from the disclosure requirements of related party transactions with
119 the government?

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