related party discloures | AccountingWEB

related party discloures

Where two separate companies are owned 100% by the same two individuals, is it possible to avail of the related party exemption under FRS 8 for transactions between those two companies?


Under FRS8, there are various requirements for disclosure.

Do I have to disclose the name of the party the transaction is with?


I am finalising the accounts for a client and I am in mixed minds as to the correct disclosure for the control and related party notes, the situation is as follows:

Mr & Mrs A - 30%


FRS8 requires that where the company is controlled by another party, the company should disclose the name and relationship of that party.


Steve Collings offers a clarification of the financial reporting requirements governing related party disclosures.