Textbook Notes (368,089)
Canada (161,636)
MGAC02H3 (21)
Daga (10)
Chapter 23

Chapter 23 Notes

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Financial Accounting

Chapter 23 Other Measurement and Disclosure Issues NotesOther Measurement IssuesRelatedParty Transactionsy relatedparty transactions arise when a business engages in transactions in which one of the transacting parties ahs the ability to significantly influence the policies of the other or in which a nontransacting party has the ability to influence the policies of the two transacting parties y related parties include but are not limited to the following a companies or individuals who control or are controlled by or are under common control with the reporting enterprise b investors and investees where there is significant influence or joint control c company management d members of immediate family of the above e the other party when a management contract exists y the following disclosures are recommended 1 the nature of the relationships involved 2 a description of the transactions 3 the recorded amounts of transactions 4 the measurement basis that was used 5 amounts due from or to related parties and the related terms and conditions 6 contractual obligations with related parties 7 contingencies involving related parties 8 under IFRS management compensation and the name of the entitys parent company as well as its ultimate controllin
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