Small building firm undertook work for director's parents-in-law. Job appears to have been priced at commercial rates and accounts for around 6% of company's annual turnover. Is this required to be disclosed as a related party transaction and, if so, are in-laws required to be named or can they be referred to as 'members of the director's close family' ? (accounts prepared under FRSSE 2008)
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Well as Euan has not replied yet, I might as well put my opinion in. If the in-laws can influence the director, then they are related, and you need to disclose.
SA
Edit - and you do need to name them - though it does seem over the top doesn't it?!
Well, if you think, considering the transaction and the business you're in, the disclosure might influence decisions made by the users of the financial statements ('materiality') then you should disclose under 'members ..........family'. In general terms, 6% of the turnover would look material, though!