Yakub02
Banned
A related party transaction is:
A transfer of resources, services, or obligations between related parties; and
Whether or not a price is charged. The following examples of related party transactions are given in IAS 24. (These are related party transactions when they take place between related parties):
Purchases or sales of goods;
Purchases or sales of property and other assets;
Rendering or receiving of services;
Leases; Transfer of research and development costs;
Finance arrangements (such as loans or contribution to equity); Provision of guarantees; and Settlement of liabilities on behalf of the entity or by the entity on behalf of another party
Disclosure requirements 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;
A transfer of resources, services, or obligations between related parties; and
Whether or not a price is charged. The following examples of related party transactions are given in IAS 24. (These are related party transactions when they take place between related parties):
Purchases or sales of goods;
Purchases or sales of property and other assets;
Rendering or receiving of services;
Leases; Transfer of research and development costs;
Finance arrangements (such as loans or contribution to equity); Provision of guarantees; and Settlement of liabilities on behalf of the entity or by the entity on behalf of another party
Disclosure requirements 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;
