Page 236 - F2 Integrated Workbook STUDENT 2019
P. 236
Chapter 10
Related party transactions
2.1 Accounting for related party transactions
All transactions to or from related parties MUST be DISCLOSED in the financial
statements.
2.2 The need for related party transaction disclosures
Board decides to sell Related party will benefit
goods at discounted prices from their relationship with
to a related party the entity
Shareholders will be unaware
of these deals occurring
within their business if they
are not disclosed.
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