CFAS - Related party disclosures

Related parties include all of the following, except

• Affiliates

• Associates

• Two entities having common director

• Individuals owning, directly or indirectly, an interest in voting power of an entity.

Unrelated parties include all of the following, except

• Key management personnel

• Providers of finance in the course of normal dealings

• Two venturers simply because they share joint control over a joint venturer

• Single customer with whom an entity transacts a significant volume of business

Close family members of an individual include all of the following, except

• Brothers and sisters of the individual

• The individual's spouse and children

• Children of the individual's spouse

• Dependents of the individual or individual's spouse

The minimum disclosures about a related party transaction include all of the following, except

• The amount of the transaction

• Allowance for doubtful accounts related to the outstanding balance

• Nature of the relationship

• The amount of outstanding balance

Which is not mandated related party disclosure?

• Relationship between parent and subsidiaries

• Name of the entity’s parent and the ultimate controlling party

• Names of all the associates that an entity has dealt with during the year

• If neither the entity’s parent nor the ultimate controlling entity produces financial statements available for public use, then the name of the next most senior parent that does so

Which is not a required minimum related party disclosure?

• The amount of the related party transaction

• The amount of similar transaction with unrelated parties to establish that comparable related party transactions have been entered into at arm’s length

• The amount of the outstanding balance

• Allowance for doubtful accounts related to the outstanding balance

An entity that entered into a related party transaction would be required to disclose all, except

• Amount due from or to related parties

• Peso amount of the transaction

• Nature of the relationship between the parties

• Nature of any future transaction planned between the parties and the terms involved

All of the following fall within the definition of an entity’s related party, except

• Joint venture in which the entity is a venturer

• The partner of a key manager is a major supplier of the entity

• A postemployment benefit plan for the benefit of the employees

• The partner of a ley manager is a major supplier of the entity

Which of the following is not specified as a separate related party disclosure

• Entity with joint control or significant influence over the entity

• The parent of the entity

• An entity that has a common director with the entity

• Joint venture in which the entity is a venturer

Which of the following is not a related party of an entity

• The son of the chief executive officer of the entity

• A bank providing loan to the entity

• An associate of the entity

• Director of the entity