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?
related party discloures
Under FRS8, there are various requirements for disclosure.
Do I have to disclose the name of the party the transaction is with?
My recent article about 10 things you might not know about FRSSE p
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.