IAS 24: RELATED PARTY DISCLOSURES ( QUIZ 001 )

Answers:

01.  Related party disclosure

02.  Disclosure standard

03.     Both the  existence of related parties  and transactions and outstanding balances with related parties only

04.  Both above are related parties to XYZ Co.

05.  False

06.  All of the above

07.  Transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.

08.  Is a related party transaction and to be disclosed in financial statements

09.  Date when related party relationship built

10.  All above are required to be disclosed