New adjustments to international accounting standards are in the works in order to help reduce overseas listing costs for mainland companies, and thus to bridge the gap between international and mainland accounting standards more generally.The International Accounting Standard Board (IASB) announced public comment proposals on its websites to amend requirements that entities must disclose information about related parties in their financial statements. The proposals are set out in an Exposure Draft of proposed amendments to IAS 24 Related Party Disclosures.The main change proposed would reduce the disclosure requirements in IAS 24 for entities related to one another only because they are state-controlled, or otherwise significantly influenced by the state. The proposal responds to conerns expressed by interested parties about the difficulties these entities encounter in obtaining the information required by IAS 24. In many cases, affected entities are unaware of their relation to others by virtue of shared status as state-controlled
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