Section 33 addresses disclosure requirements for an entity's transactions with related parties, so that a user can understand the effect on position and performance of the existence of these related parties, and any transactions and balances with them.

There is only one significant exemption from the application of the section's requirements and that is for wholly owned subsidiaries, which are exempt from disclosing transactions with their parent company and with other wholly owned subsidiaries within the group.

There has been considerable debate over the wording of this exemption, but this is the meaning it is intended to convey.