Relationships with the state: proposed amendments to IAS 24

Comments from ACCA to the International Accounting Standards Board, March 2009.

ACCA is pleased to have this opportunity to comment on the above exposure draft which was considered by ACCA's Financial Reporting Committee.

We support the proposed amendments.

In particular we prefer the requirements for some disclosures of transactions with the state in paragraph 17B, albeit that they are reduced ones in comparison to paragraph 17.

We note that the definition of related parties in paragraph 9 remains very complex and difficult to follow. The examples are helpful illustrations however and might usefully be extended including some examples of what would not be related parties in the area of control and significant influence covered by examples 2 to 4. An example would be helpful of where paragraph 9(b)(ix) would apply without 9(b)(vi) also covering the case.