IFRSSEC and disclosuresResearch Question/ Issue: Many of the most well-known corporate scandals were associated to related party transactions (RPT) such as Enron, Wordcom or Parmalat. In general there are two contrasting views on RPT: they represent either conflicts of interest as they can ...
Are Related-Party Transactions Audited? Although there are rules and standards for related-party transactions, they tend to be difficult to audit. Owners and managers are responsible for disclosing related parties and their interests, but if they withholddisclosurefor personal gain, the transactions cou...
We find that firms audited by Big 4 auditors report fewer related-party transactions. The period under study includes the change in accounting standards in Europe that occurred in 2005 with the adoption of IFRS standards, which resulted in a more transparent reporting environment for RPTs. We ...
foreign currency translation; impairment of assets; inventory property; property, plant, and equipment; and related party disclosures for joint ventures and pa... Alexander,D Archer,Simon - CCH, 被引量: 1发表: 2007年 Disclosure of Related Party Transactions Under IFRS: Does Cross-Listing Reduce ...
Although IAS 24,Related Party Disclosures(2009), sets out the scope of related party disclosures, it does not apply to the measurement of related party transactions. Prior to the current standard, the definition of a related party in IAS 24 had been the subject of criticism because...
the disclosures which are essential to bring the attention of the users, to the likelihood that the financial performance of the entity may have been influenced because of the related party relationships and by transactions, outstanding balances, and any contractual or non-contractual commitments with...
'related party' has the meaning given to it in EU-adopted IFRS (or, if the company prefers, in the accounting standards it applies in its annual accounts, if deemed equivalent by the EU). Companies must aggregate transactions in any 12-month period to check if the 5 per cent threshold ...
Chapter 29RELATED-PARTY DISCLOSURES INTRODUCTION Transactions between entities that are consideredrelated parties, as defined by IAS 24,Related-Party Disclosures, must be adequately disclosed in financial statements of the reporting entity. Such disclosures have long been a common feature of financial repor...
Related party transactions (RPTs) can have a dual nature. On one hand, these transactions may be considered sound business exchanges, fulfilling the economic needs of the company. On the other hand, RPTs may be considered a mechanism to exploit company resources as a consequence of existing conf...
Many financial reporting frameworks, including UK GAAP and IFRS, include specific requirements in respect of accounting for and disclosing related party relationships, transactions and balances. The rationale for these requirements is grounded in the fact that related parties by their nature are not inde...