A government entity controls both James Limited and Claire Limited. Collum Limited and Dougall Limited are the subsidiaries of James Limited. Frank Randall is the managing director of James Limited. James Limited can apply the partial exemption disclosures in paragraph 25 of AASB 124 to transactions with the following parties, except for:
A) Frank Randall.
B) Claire Limited.
C) Collum Limited.
D) the government entity.

Question

Quizplus · Accepted Answer

Frank Randall is the managing director of James Limited and therefore is considered a related party. The partial exemption disclosures in paragraph 25 of AASB 124 cannot be applied to transactions with related parties.

A Government Entity Controls Both James Limited and Claire Limited