IFRS for SMEs / Section 33: Related Party Disclosures

Section 33: Related Party Disclosures

Section 33 requires disclosure of relationships, transactions and outstanding balances with related parties such as directors, shareholders and key management.

Disclosures to look for

33.7 Key management personnel compensation in total.
33.9 For each related party balance: the amount, the terms and conditions, security and interest.

South African practice

Loans to and from shareholders and directors are the most common related party balances in small companies.

How Sight applies it

Director and shareholder loans appear on their own lines with a movement note; the pre-flight blocks until the party, relationship and terms are captured.

Compile IFRS for SMEs financial statements from the ledger. SightAccounting selects the policies, builds the notes and checks the disclosures before you sign. Start a 60-day free trial.