IAS 24 requires the details about the relationship between parent and subsidiaries to be disclosed
A) even if no transactions between the parent and subsidiaries occurred during the reporting period.
B) only if transactions between the parent and subsidiaries occurred during the reporting period.
C) only if material transactions between the parent and subsidiaries occurred during the reporting period.
D) only if the parent or subsidiaries show a profit from the transactions during the reporting period.

Question

Quizplus · Accepted Answer

IAS 24 requires disclosure of relationships between a parent and its subsidiaries regardless of whether there have been transactions between them. This is to ensure transparency and provide users of financial statements with all relevant information about the entity's relationships.

IAS 24 Requires the Details About the Relationship Between Parent