'Related party transactions are not assumed illegal, but it can pose risks in financial reporting'. As such, the IAS 24 requires an entity to make key disclosures regarding key management personnel's total remuneration and compensation. [IAS24] Related Party Disclosures.
Required: 

Discuss;
(i) the rationale for disclosing related-party transactions with key management personnel regardless of their materiality?
(ii) the categories/key disclosures that are required in key management personnel's remuneration/compensation.

Answer rating: 100% (QA)

1 Key Management Personnel are those persons having authority and responsibility whether direc... View the full answer