If an entity has related party transactions, it shall disclose the nature of the related party
relationship as well as information about the transactions, outstanding balances and
commitments necessary for an understanding of the potential effect of the relationship
on the financial statements. Those disclosure requirements are in addition to the
requirements in paragraph 33.7 to disclose key management personnel compensation.
At a minimum, disclosures shall include:
(a) The amount of the transactions.
(b) The amount of outstanding balances and:
(i) their terms and conditions, including whether they are secured, and the
nature of the consideration to be provided in settlement; and
(ii) details of any guarantees given or received.
(c) Provisions for uncollectible receivables related to the amount of outstanding
balances.
(d) The expense recognised during the period in respect of bad or doubtful debts due
from related parties.
Such transactions could include purchases, sales, or transfers of goods or services,
leases, guarantees and settlements by the entity on behalf of the related party or vice
versa.