What do IASB standards say about related party transactions?

Question

Quizplus · Accepted Answer

IASB standards require disclosure of related party transactions in the notes to the financial statements. This is to ensure transparency and enable stakeholders to assess the potential impact of these transactions on the financial position of the organization. It is not illegal to have related party transactions, but they must be appropriately disclosed to avoid conflicts of interest or misleading financial statements. Eliminating them from the financial statements would not provide a true and fair view of the organization's financial position.

What Do IASB Standards Say About Related Party Transactions