Focus Vol 87

Articles included in this edition

• An IAS-24 Syndrome
• Eventful Dubai
• VAT in the UAE – An easy check-out for hotel accountants?
• DIFC laws – update
• Partnership protection
• New revenue guidance: IFRS 15

Many high-profile accounting frauds in recent decade (e.g., Enron, Adelphia, Tyco, Refco, Hollinger, Rite Aid) have involved related party transactions in some way, creating concern among regulators and other market participants about the appropriate monitoring and auditing of these transactions.

The objective of IAS 24 - Related Party Disclosures is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its 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.

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