PAS 24 RELATED PARTY DISCLOSURE

- Ability to control
- Significant influence
- Joint control over entity

Related parties

1. Associate
2. Affiliates
3. Venture
4. Key management Personnel
5. Close family members od an individual
6. Individuals owning directly or indirectly interest in the voting power
7. Postemployment benefit of employees of an entity
 Requires Disclosure of related party relationship where control exist irrespective of there have
been transaction between the parties.
1. Name of the entity’s parent
2. Ultimate controlling party

Disclosure of related party transaction

1. Amount of transaction
2. Amount of outstanding balance, terms and condition
3. AFDA
4. Expense

Key management personnel disclosure

1. Short term employee benefit

2. Post-employment benefit
3. Other long-term benefits
4. Termination benefit
5. Share base payment
- Exempt from reporting transaction with government related entities
 Pricing policies
1. Uncontrolled price method – reference to comparable goods sold in market
2. Resale price method – reduce resale price by a margin enough for reseller to make profit
3. Cost plus method – add mark up
4. No price method – no priced is charged, free provision

PAS 10 EVENTS AFTER THE REPORTING PERIOD

- These are events that are favorable or unfavorable, that occur between the end of reporting and
the date the FS are authorized for issue
 Type of events after the reporting period
1. Adjusting events – after the reporting period are those that provide evidence of conditions
that arise after the end of reporting period.
2. Non-adjusting events – after reporting period those that are indicative of conditions that
arise after the end of reporting period.
 Required to Disclose significant non-adjusting events.

Examples of Adjusting Events

1. Settlement after the reporting period of court case

2. Bankcruptcy of customer
3. Sale of inventories after the reporting period
4. Cost of assets purchased or Proceeds of asset sold
5. Discovery of Fraud and errors
Examples of non-adjusting events

1. Business combination after the reporting period

2. Plan to discontinue an operation
3. Destruction of major plant by fire after the reporting period
 Entity shall disclose the date when FS are authorized for issue and who gave authorization

PFRS 5 NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATION

- Classified as held for sale if CA is recoverable to sale transaction rather than continuing use

Conditions for classification as held for sale

1. Available for immediate sale in the present condition

2. Sale is highly probable
- Management is committed to a plan to sell
- Active program to locate a buyer
- Sale price is reasonable

Measurement

Lower of CA or FV less cost of disposal

- Shall not be depreciated

 Writedown to FV less cost of disposal
Treated as impairment loss, apportioned across the assets
Goodwill Write off first and remainder allocated prorate to noncurrent assets
 Subsequent increase FV
Recognized gain but not in excess of any impairment loss previously recognized

Revalued asset classified as held for sale

- Adopts revaluation model NCAFS should be revalued to fair value immediately prior to
classification as held for sale

Abandoned assets shall not be classified s held for sale

Temporary abandoned shall not also be classified as held for sale

Change in classification

Shall be measure at lower of

1. CA before Classified as Held for sale

2. Recoverable amount at the date subsequent the decision not to sell