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Task ? 5 Specification: Undertaking A is a commercial entity that produces the financial statements in accordance with IFRS. Its director is appointed by ordinance

Task ? 5

Specification:

Undertaking A is a commercial entity that produces the financial statements in accordance with IFRS. Its director is appointed by ordinance of Director of the parent undertaking. A undertaking director is involved in decision-making process (approval of budget, contractual terms and conditions) however the final approval is required on behalf of Director of the parent undertaking to make decisions.

Question:

Should undertaking A disclose director as the related party, if his decisions require approval of the Director of the parent undertaking?

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