M26100 – Related Parties: Meeting GAPSME And IFRS Requirements
Registration Time: 09:00
Sessions Time: 09:15 – 12:30 including a 15-minute break
Speaker: Mr Paul Zammit
Venue: Online Webinar
Participation Fees
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00
*Group bookings for 3 or more participants available.
Background Information
Transactions between related parties are common in practice and may significantly influence an entity’s financial position, financial performance and cash flows. Although such transactions are often undertaken on normal commercial terms, the existence of relationships between related parties may affect business decisions in ways that are not always apparent from the face of the financial statements.
Financial reporting frameworks therefore require entities to identify related parties, understand the nature of the relationships involved, and provide appropriate disclosures that enable users of financial statements to appreciate the potential impact of those relationships.
This session provides participants with a practical understanding of the related party requirements under GAPSME and IAS 24 ‘Related Party Disclosures’. Emphasis will be placed on identifying related parties, distinguishing between relationships, balances and transactions that require disclosure, understanding the different disclosure requirements applicable under each framework, and applying these principles through practical examples commonly encountered in Malta.
Specific topics to be covered during the session
This three-hour CPE will be split into the following parts
Part 1 – GAPSME Small
Part 2 – GAPSME Medium
Part 3 – IFRS
For each part, we will be covering the definition of related parties, how activities with related parties may be appropriately disclosed in the financial statements and any special considerations to make (or pitfalls to be aware of).
Why is the session of relevance to our members?
In practice, members might be struggling to meet the requirements to be IFRS- or GAPSME- compliant.
Failure to identify related party relationships or transactions may result in incomplete financial statements, regulatory issues, audit findings, or misleading information for users.
This session aims to provide members with a practical framework for proactively and effectively identifying related parties, understanding the differing requirements under GAPSME and IFRS, and applying these principles confidently when preparing or reviewing financial statements.
Target Audience
Practising accountants, auditors, finance professionals, company accountants, and other practitioners involved in the preparation, review, or interpretation of financial statements prepared under GAPSME or IFRS. The session will also be beneficial to accounting students and professionals wishing to strengthen their understanding of related party disclosure requirements.
Speaker’s Profile
Paul Zammit is a Certified Public Accountant specialising in International Financial Reporting Standards and GAPSME legislation. Since 2017, Paul has focused on technical accounting research and engagements, including advisory projects and the review of financial statements for compliance with Maltese regulations. He is a member of the Malta Institute of Accountants’ Financial Reporting Committee and has contributed to key initiatives, including the 2024 amendments to GAPSME. Paul has been lecturing in financial reporting since 2018, delivering training to ACCA and ACA students, as well as CPE-accredited sessions for professionals across various firms and institutions. Today, as a sole practitioner, Paul focuses mainly on technical accounting services — advisory, compliance, lecturing, and coaching — combining strong subject-matter expertise with a practical, people-focused approach.
Event CPE Competencies
3 Core
