New UK GAAP 2015: Application of FRS 100-102 in the UK

Chapter 28 Related party disclosures

1 Introduction

   1.1 Scope of Section 33

       1.1.1 Transactions eliminated on consolidation

       1.1.2 Transactions between wholly-owned subsidiaries

2 Comparison between Section 33, previous UK GAAP and IFRS

   2.1 Principal differences between Section 33 and previous UK GAAP

       2.1.1 Disclosure of pension contributions

       2.1.2 Disclosure of key management personnel compensation

       2.1.3 The use of a ‘confidentiality’ exemption

       2.1.4 State-related parties

       2.1.5 Aggregation of disclosures

   2.2 Principal differences between Section 33 and IFRS

       2.2.1 The provision of key management personnel services by an entity

       2.2.2 Scope exemption for wholly-owned subsidiaries

       2.2.3 State-related exemption

       2.2.4 Disclosure of key management compensation

       2.2.5 Aggregation of disclosures

       2.2.6 Disclosure of commitments

3 Requirements of Section 33 for related party disclosures

   3.1 Definition of a related party

       3.1.1 Persons or close members of a person’s family that are related parties

1. 3.1.1.A Close members of a family
2. 3.1.1.B Key management personnel

       3.1.2 Entities that are members of the same group

       3.1.3 Entities that are associates or joint ventures

       3.1.4 Entities that are joint ventures of the same third party

       3.1.5 Entities that are joint ventures and associates of the same third entity

       3.1.6 Post-employment benefit plans

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