Transactions between entities that are considered related parties must be adequately disclosed in financial statements of the reporting entity. While IAS 24 has been operative for over two decades, it is commonly observed that these transactions are not being properly disclosed in all instances. IAS 1 demands that there is full compliance with all IFRS. IAS 24 recognizes that in many countries certain related-party disclosures are prescribed by law. IAS 24 is to be employed in determining the existence of related-party transactions; identifying the outstanding balances between related parties; concluding on whether disclosures are required under the circumstances; and determining the content of such disclosures. Related-party disclosures are required not only in the consolidated (group) financial statements, but also in the separate financial statements of the parent entity or a venturer or investor. In separate statements any intragroup transactions and balances must be disclosed in the related-party note.