Exam 22: Operating Segments

The latest version of IAS 24 is applicable for annual reporting periods commencing on or after:

Willow Limited and Rupert Limited are the two subsidiaries of Buffy Company. Dan Sanders, one of the directors of Buffy Company, is also a director of Rupert Limited. Dan's wife, Sandra, has 10% of shareholding in Rupert Limited. Which of the followings are related parties to Willow Limited?

David is the general manager of Awesome Limited and is considered to be the member of key management personnel. The following transactions occurred between David and Awesome Limited: $\bullet$ David purchased a product of Awesome Limited on normal trading terms; $\bullet$ David received remuneration from Awesome Limited amounting to $100 000; $\bullet$ Awesome Limited issued 20 000 options to David, which can be converted into Awesome Limited's shares if target profit margin of 25% is achieved in the next three years. Which of the above transactions must be disclosed as related party transactions?

John Berry is one of the non-executive directors of Monash Company. In this current financial year, Monash Company had transactions with the following entities: I. Borrowed money from ABC Bank. II. Purchased raw materials from Deakin Company. III. Loaned money to one of its subsidiaries, Swinburne Company, with 10% per annum. IV. Sold products to Melbourne Company, of which John Berry is also a director. Which transactions are not related party transactions between Monash Company and another entity?

Maria is one of the directors in Leo Limited, which is one the subsidiaries of Aries Limited. She also has a joint control with Mimi in Virgo Limited. In this circumstance, the followings are related parties to Leo Limited, except for:

A government entity controls both Edward Limited and Jacob Limited. Bella Limited and Jasper Limited are the subsidiaries of Edward Limited. Carlisle Cullen is the managing director of Edward Limited. Edward Limited can apply the partial exemption of disclosures in paragraph 25 of IAS 24 to transactions with the following parties, except for:

Examples of related party transactions that must be disclosed include:

The contractually agreed sharing of control over an economic entity is known as:

Two entities are not regarded as related parties simply because:

The power to participate in the financial and operating policy decisions of an entity is known as:

Drew is one of the directors of Mellor Limited. In the current financial year, Mellor Limited paid $50 000 to Advice Agency, where Drew's brother works, for the consultancy services it provided. In addition, Mellor Limited also paid $2000 to Drew for a once-off consultancy he provided on a specific project. Which of the following statements describes the relationship between Drew, Mellor Limited, and Advice Agency?

Jon holds an investment in Voight Limited that gives him a significant influence over the company. Jon's daughter, Angelina, also has a significant influence over another entity, Jolie Limited. What is the relationship between Voight Limited and Jolie Limited?

Aladdin is the owner and founder of Genie Limited. Aladdin's wife, Jasmine, has a controlling investment in Jafar Limited. Which of the followings describes the relationship between Genie Limited and Jafar Limited?

If an entity chooses to apply the disclosure exemption in paragraph 25 of IAS 24, it is still required to do the followings, except:

Galaxy Limited is a listed company operating in retail industry with three business units: Milky Way, Andromeda, and Whirlpool. Which of the followings is likely to be the key management personnel of Galaxy Limited?

According to IAS 24, related party disclosures are required irrespective of whether there have been related party transactions when:

The following remuneration categories must be disclosed for key management personnel, except for:

IAS 24:

Harry is a non-executive director of Potter Limited and Hogwarts Limited. Harry's wife, Ginny, is a non-executive director of Weasley Limited. Which of the following statements is correct?

The scope of IAS 24 states that IAS 24 shall be applied in identifying the followings, except for: