DISCLOSURE OF RELATED PARTY TRANSACTIONS : PRE and POST FRS124Tel, Hashanah IsmailAziah, NorKassim, Abu
The audit of related party relationships and transactions is a crucial aspect in the performance of an audit of financial statements under the International Standards on Auditing (UK and Ireland) (ISAs). Massimo Laudato, technical adviser at ACCA, explai
awhether for loss of profit, revenue or income, any liability under any claim brought or intimated by a third Party or any expenditure directly or indirectly caused by, related to or arising out of any defects or other failures in any materials, services or advice supplied by the University ...
related party transactionsSummary Related parties and transactions with related parties are dealt with in Financial Reporting Standard (FRS) 102. The overarching objective of related party disclosures is to draw the users' attention to the fact that the information reported in the financial statements ...
Nevertheless, whilst a number of other countries (including the US, Canada, Australia and New Zealand) have had accounting standards on related party transactions for some time, the relevant UK standard, FRS 8 — Related Party Disclosures, was issued only relatively recently....
related party transactionsRelated parties and transactions with related parties are dealt with in Financial Reporting Standard (FRS) 102. The overarching objective of related party disclosures is to draw the users' attention to the fact that the information reported in the financial statements may have...