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IFRS requires specific related party disclosures for commitments and compensation of key management personnel which are not specifically required under US GAAP.

15.25.1 Related party disclosures—commitments

Disclosures of related party transactions under IFRS should include commitments to related parties.
US GAAP
IFRS
There is no specific requirement to disclose commitments to related parties under US GAAP.
Disclosure of related party transactions includes commitments if a particular event occurs or does not occur in the future, including recognized and unrecognized executory contracts.
Commitments to members of key management personnel would also need to be disclosed.

15.25.2 Related party disclosures—management compensation

Under IFRS, a financial statement requirement exists to disclose the compensation of key management personnel.
US GAAP
IFRS
Disclosure of the compensation of key management personnel is not required within the financial statements.
SEC regulations require key management compensation to be disclosed outside the financial statements.
The compensation of key management personnel is disclosed within the financial statements in total and by category of compensation. Other transactions with key management personnel also must be disclosed.

15.25.3 Related party disclosures—government-related entities

There are exemptions from certain related party disclosure requirements under IFRS that do not exist under US GAAP.
US GAAP
IFRS
There are no exemptions available to reporting entities from the disclosure requirements for related party transactions with governments and/or government-related entities.
A partial exemption is available to reporting entities from the disclosure requirements for related party transactions and outstanding balances with both:
  • A government that has control, joint control, or significant influence over the reporting entity
  • Another entity that is a related party because the same government has control, joint control, or significant influence over both the reporting entity and the other entity

PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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