The Board recently undertook a desktop review of GRAP 20 on Related Party Disclosures. As an outcome of the project, a number of new Frequently Asked Questions (FAQs) were developed to explain what related party transactions are exempted from disclosure, what persons are considered part of management, and when and how accounting policies are developed and disclosed.

In addition, existing FAQs 2.2, 2.4 and 2.5 have been updated for the GRAP Reporting Framework for 2024/2025. The revised and new FAQs on  related party disclosures will be highlighted in future articles – keep a look out for these.

The new and revised FAQs can be accessed here.

Disclaimer

The article has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved, or otherwise acted on by the Board.