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Related parties

In: UK Gaap

Author

Listed:
  • Mike Davies

    (Ernst & Young)

  • Ron Paterson

    (Ernst & Young)

  • Allister Wilson

    (Ernst & Young)

Abstract

Related party relationships and transactions between related parties are a normal feature of business; many enterprises carry on their business activities through subsidiaries and associated companies and there will inevitably be transactions between the parties comprising the group. Nevertheless, whilst there is currently no UK accounting standard which requires the disclosure of related party transactions, a number of other countries (including the US, Canada, Australia and New Zealand) do have such a standard. In fact, the closest any UK standard setting body has come to issuing a standard on related parties was the ASC who in April 1989 issued ED 46 — Disclosure of related party transactions. Nothing ever came from ED 46, though, and it seemed that the ASB regarded the topic as a relatively low priority.

Suggested Citation

  • Mike Davies & Ron Paterson & Allister Wilson, 1992. "Related parties," Palgrave Macmillan Books, in: UK Gaap, edition 0, chapter 0, pages 1269-1302, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12998-0_24
    DOI: 10.1007/978-1-349-12998-0_24
    as

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