BC49 The revisions to IAS 24 in 2009 included the following other changes:
(a) The list of examples of related party transactions is amended to include in paragraph 21(i) commitments to do something if a particular event occurs or does not occur in the future, including executory contracts. The Board concluded that commitments were one type of transaction, but to avoid doubt decided to make explicit reference to them.
(b) Paragraph 3 relating to the scope of IAS 24 is amended to clarify that the Standard applies to individual, as well as separate and consolidated, financial statements because individual financial statements relate to something different from the defined term in IAS 27. [The consolidation guidance was removed from IAS 27 and the Standard was renamed Separate Financial Statements by IFRS 10 Consolidated Financial Statements issued in May 2011. The definition of separate financial statements was not changed.]
(c) Paragraph 34 of IFRS 8 Operating Segments is amended. The B
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