Transactions with related parties must be disclosed in the financial statements if they are deemed to be material.

Question

Quizplus · Accepted Answer

Transactions with related parties must be disclosed in the financial statements if they are deemed to be material according to accounting standards such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). This ensures transparency and helps users of financial statements make informed decisions.

Transactions with Related Parties Must Be Disclosed in the Financial