The updated version states:
Transactions with directors
As directors' share interests are no longer shown in the directors' report, these amounts cannot otherwise be deduced from the annual report [and must be shown in the statutory notes].
This doesn't seem to agree with FRS8 or FRSSE 2008.
Am I missing something?
Replies (5)
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It refers to dividends
Before the removal of the disclosure of the directors' share interests in the Directors' Report, it was possible to deduce the dividends paid to each director by applying their share to the total dividends disclosed in the accounts (probably at the bottom of the P&L). The sloppy thinking used to be that this satisfied the Related Party Transaction disclosure requirements in the FRSSE.
However, when directors' shares were no longer stated, it was realised that dividends to directors should always have been disclosed in the RPT note in the accounts - hence, the comment you have quoted.
no need to disclose dividends in abbreviated accounts
isn't this correct? You only have to disclose loans in abbrev accounts?
Because ...
There is no need to disclose the dividends in the Abbreviated accounts.
Because abbreviated accounts are not prepared in accordance with the FRSSE.