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UK Gaap pp 1269-1302 | Cite as

Related parties

  • Mike Davies
  • Ron Paterson
  • Allister Wilson

Abstract

Related party relationships and transactions between related parties are a normal feature of business; many enterprises carry on their business activities through subsidiaries and associated companies and there will inevitably be transactions between the parties comprising the group. Nevertheless, whilst there is currently no UK accounting standard which requires the disclosure of related party transactions, a number of other countries (including the US, Canada, Australia and New Zealand) do have such a standard. In fact, the closest any UK standard setting body has come to issuing a standard on related parties was the ASC who in April 1989 issued ED 46 — Disclosure of related party transactions. Nothing ever came from ED 46, though, and it seemed that the ASB regarded the topic as a relatively low priority.

Keywords

Stock Exchange Balance Sheet Parent Company Group Company Relate Parti 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

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Copyright information

© Ernst & Young 1992

Authors and Affiliations

  • Mike Davies
    • 1
  • Ron Paterson
    • 1
  • Allister Wilson
    • 1
  1. 1.Ernst & YoungUSA

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