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Impact on the financial statements
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[QUOTE="Yakub02, post: 304544, member: 94426"] [B]Disclosure requirements[/B] IAS 24 requires disclosure in the notes to the financial statements of the following, whether or not transactions have taken place between those related parties: the name of the entity’s parent; and if different, the name of the ultimate controlling party. Where transactions have taken place between the related parties, irrespective of whether a price was charged, or price charged is at arm’s length, the following should be disclosed: The nature of the related party relationship; The amount of the transactions; In respect of outstanding balances: the amount; their terms and conditions; any guarantees given or received; any provision for doubtful/irrecoverable debts; and The expense recognized in the period in respect of irrecoverable debts due from related parties [/QUOTE]
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