BC11 The version of IAS 24 issued by the Board's predecessor in 1984 exempted disclosures about related party transactions in:
(a) parents' financial statements when they are made available or published with the consolidated statements; and
(b) financial statements of a wholly-owned subsidiary if its parent is incorporated in the same country and provides consolidated financial statements in that country.
BC12 In the 2002 ED the Board proposed to continue exempting separate financial statements of parents and financial statements of wholly-owned subsidiaries from disclosures about any related parties in specified circumstances. It proposed that disclosure of related party transactions and outstanding balances in the separate financial statements of a parent or the financial statements of a wholly-owned subsidiary would not be required, but only if those statements were made available or published with consolidated financial statements for the group.
BC13 The Board proposed to retain th
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