Related party transactions | AccountingWEB

Related party transactions

Pre-XBRL the VT entries were made to a text box and so pretty straightforward. Now it's a bit more prescriptive and I am suffering a mini crisis of confidence.
I get the impression that the wording suggests entering the balance at the balance sheet date. If so, how do I distinguish between amounts 'paid' during the year and the balance. Maybe I am just reading this wrong and the balance is irrelevant, but I can't believe I am the only person confused by this.
Many thanks
Kind regards, andy

andy.partridge's picture

Dumb question

andy.partridge | | Permalink

Don't worry, folks, after a good night's sleep I realise it was a pretty stupid question. Sorry to have disturbed.

Use the box 'Description of transaction and amounts involved'

vtsoftware | | Permalink

Sadly, specific items of data in a related party transaction need to be XBRL tagged and so the nice simple free text format no longer suffices.

There is no specific requirement in the FRSSE (see section 15.1 c) to disclose the amount paid during the year to a related party. Instead there is a requirement (amongst others) to disclose:

  • A description of the transaction
  • The amounts involved

I suggest you enter the amount paid during the year within the text in the free text box entitled Description of transaction and amounts involved (this is one of the boxes that now comprise the note).

Philip Hodgson
VT Software

PS - our replies got crossed!


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