Q1. IAS 24 Related Party Disclosure requires disclosure of transactions between related parties . Which of the following transactions should always be disclosed?

Intra group transactions in consolidated financial statements

Transactions between two companies with a common director

Transactions between state controlled companies

Transactions between a holding company and its associate

Q2.. Gain Co acquired a property in 20X0 for a cost of $10 million. Gain Co revalues all of its property annually in accordance with IAS 16 Property, Plant & Equipment. On 15 December 20X1 Gain Co entered into a binding sale agreement and title to the property passed to Gloss Co for $25 million cash. The consideration is payable in March 20X2. The carrying amount of the property at 15 December 20X1 was 22 million.

In accordance with IAS 16, what profit should be reported in profit or loss for Gain Co for the years ending 31 December 20X1 and 31 December 20X2 in respect of the disposal?

20X1 = Nil, 20X2 = $3 million

20X1 = $3 million, 20X2 = $12 million

20X1 = $3 million, 20X2 = $Nil

20X1 = $15 million, 20X2 = $Nil