Page 224 - SBR Integrated Workbook STUDENT S18-J19
P. 224
Chapter 15
Disclosing related party transactions
2.1 Accounting for related party transactions
All transactions between related parties must be disclosed in the financial
statements, as well as any outstanding balances.
2.2 The need for related party transaction disclosures
Related party will show
Board decides to sell improved margins as a
goods at discounted prices result of their relationship
to a related party with the entity
Without disclosure,
shareholders and lenders
would be unaware of these
transactions.
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