BC42 The Board considered whether the disclosure requirements in paragraph 26:
(a) met the objective of IAS 24 (paragraphs BC43-BC46); and
(b) were operational (paragraphs BC47 and BC48).
BC43 The objective of IAS 24 is to provide 'disclosures necessary to draw attention to the possibility that [the entity's] financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances, including commitments, with such parties.' To meet that objective, paragraph 26 requires some disclosure when the exemption applies. Those disclosures are intended to put users on notice that related party transactions have occurred and to give an indication of their extent. The Board did not intend to require the reporting entity to identify every government-related entity, or to quantify in detail every transaction with such entities, because such a requirement would negate the exemption.
BC44 Some respondents to the 2008 ED were concerne
…