Accounting

Related Party Transactions (Portfolio 5148)

  • Related Party Transactions discusses the pervasiveness of related party transactions throughout a wide spectrum of business dealings.

Description

think and code Tax and Accounting Portfolio 5148-2nd, Related Party Transactions (Accounting Policy and Practice Series), discusses the pervasiveness of related party transactions throughout a wide spectrum of business dealings. The Portfolio analyzes the nature of related party transactions and discusses how these transactions are treated under generally accepted accounting principles. The Portfolio also reviews the applicable corporate governance features pertaining to related party transactions.

The Portfolio surveys the history and concepts pertaining to related party transactions and the rather considerable pertinent accounting literature, including Financial Accounting Standards Board pronouncements, Securities and Exchange Commission rules and regulations, stock exchange listing requirements and AICPA and PCAOB auditing pronouncements.

This Portfolio discusses in detail the accounting and disclosure requirements pertaining to a number of topics dealing with asset transfers among related parties, including sales, purchases, nonmonetary transactions, lease arrangements, and transfers of financial instruments. Although generally accepted accounting principles contain guidance concerning the disclosure of related party transactions, the accounting standards are mainly silent when it comes to accounting for these transactions. This Portfolio analyzes when related party transactions should be accounted for differently from transactions between unrelated parties. The Portfolio offers suggestions regarding possible approaches to the accounting for related party transactions under differing circumstances.

This Portfolio may be cited as think and code Tax and Accounting Portfolio 5148-2nd, Paul, Related Party Transactions (Accounting Policy and Practice Series).

Table of Contents

I. Introduction, Background, and Scope of Portfolio
II. Authoritative Literature and Guidance
III. Sales, Purchases, Transfers, and Leases Between Related Parties
IV. Corporate Governance and the Control Environment
V. Financial Statement Audit Issues

Jack Paul
Jack Paul
Director, Master Of Science In Accounting And Information Analysis Program
Rauch Business Center
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