Normally,in the notes of the Accounts in financial statement,we often see terms like related parties. This article looks at what really is the term called Related Parties.
Related parties basically falls into two categories:
An INDIVIDUAL is related to the company if the individual
1. Has directly or indirectly,control or joint control or significant influence over the company or
2. Is a member of the key management personnel of the company or
3. Is a close member of the family of the individual in (1) &(2)
An ENTITY is related to the company if the entity
- Has directly or indirectly,control or joint control or significant influence over the company or
- is controlled by or under common control with the company or
- is an associate or jointly controlled entity of the company or
- is controlled,jointly-controlled or significantly influenced by an individual related to the company.
- Technical Summary Of IAS 24 Related Party Disclosures
- Malaysia FRS 124-Related Party Disclosure:Highlight of Changes
- Technical Summary Of IAS 28 Investments in Associates
- Technical Summary Of IAS 31 Interests in Joint Ventures
- Technical Summary Of IAS 27 Consolidated and Separate Financial Statements
- Setting Up An Operational Headquarters (OHQ) In Malaysia (Part 1)
- Reading The Directors’Profile
FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four,Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.Also author to another very popular free educational accounting cum finance blog:http://basiccollegeaccounting.com under the branding of College Accounting Coach.
Recent Comments