IAS 24 amendments 'Relationships with the State'

In February 2007, the IASB published an exposure draft of proposed amendments to IAS 24 Related Party Disclosures: State-controlled Entities and the Definition of A Related Party.  After considering respondents' comments, the Board decided to re-expose the proposals. The new ED Relationships with the State was issued in December 2008. The revised proposals aimed to: (a) simplify the definition of a "related party" while eliminating some internal inconsistencies and to make it symmetrical; and (b) provide relief for government-related entities in relation to the amount of information such entities need to provide in respect to related party transactions.

EFRAG issued its comment letter on the ED Relationships with the State in April 2009.

The revised IAS 24 Related Party Disclosures was issued in November 2009.

In January 2010 EFRAG issued its Endorsement Advice on the Amendments to IAS 24 to the European Commission. EFRAG concluded that the amendments meet the requirements of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council on the application of international accounting standards and recommended its adoption.

The revised IAS 24 was endorsed and published in the Official Journal in July 2010.