The International Accounting Standards Board (IASB) published on February 22, 2007 for public comment proposals to amend the requirements for entities to disclose in their financial statements information about related parties.

The proposals are set out in an Exposure Draft of proposed amendments to IAS 24 Related Party Disclosures.

The main change proposed aims to reduce the disclosure requirements in IAS 24 for some entities that are related only because they are each state-controlled or significantly influenced by the state.

The Exposure Draft also proposes to clarify, and remove inconsistencies in, the definition of a related party.

“The proposals aim to remove a significant burden of disclosure from some entities, particularly in jurisdictions with extensive state control of, and significant influence over, businesses.” Said David Tweedie, IASB chairman.

The IASB invites comments on the Exposure Draft by May 25,  2007. The Exposure Draft will be available on the IASB on March 5, 2007.

IASB is committed to developing in the public interest a single set of high quality global accounting standards.

For more information please visit the following website: www.iasb.org