58. When a bank has entered into transactions with related parties, it is appropriate to disclose the nature of the related party relationship, the types of transactions, and the elements of transactions necessary for an understanding of the financial statements of the bank. The elements that would normally be disclosed to conform with IAS 24 include a bank's lending policy to related parties and, in respect of related party transactions, the amount included in or the proportion of:
(a) each of loans and advances, deposits and acceptances and promissory notes; disclosures may include the aggregate amounts outstanding at the beginning and end of the period, as well as advances, deposits, repayments and other changes during the period;
(b) each of the principal types of income, interest expense and commissions paid;
(c) the amount of the expense recognised in the period for losses on loans and advances and the amount of the provision at the balance sheet date; and
(d) irrevocable commitments and contingencies and commitments arising from off balance sheet items.
Editorial note: First paragraph substituted by improvements project standard IAS 39 with effect for annual periods beginning on or after 1 January 2005. If an entity applies this Standard for an earlier period, these amendments shall be applied for that earlier period. Previously "When a bank has entered into transactions with related parties, it is appropriate to disclose the nature of the related party relationship, the types of transactions, and the elements of transactions necessary for an understanding of the financial statements of the bank. The elements that would normally be disclosed to conform with IAS 24 include a bank's lending policy to related parties and, in respect of related party transactions, the amount included in or the proportion of:"

Effective Date
59. This International Accounting Standard becomes operative for the financial statements of banks covering periods beginning on or after 1 January 1991.

IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial In

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