I have a new client, who has a related party disclosure in their audited accounts last year. However, I don't think that the party was in fact related in this year or last year, and therefore don't want to disclose the current year transactions - so my question is whether it is correct to leave it out altogether, given that the comparative figures were disclosed last year? If not, what should be disclosed?
Thanks
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Comparative figures
... are just that - comparisons with this year's figures. If you are not disclosing any figures this year, why on earth would you disclose figures for last year in this year's accounts?