Which of the following is not a required disclosure for related-party transactions?
A) The nature of the relationship.
B) A description of the transactions.
C) The amounts due from or to related parties.
D) The impact of the transactions on current year's income.

Question

Quizplus · Accepted Answer

While the nature of the relationship, description of the transactions, and amounts due from or to related parties are all required disclosures for related-party transactions, the impact of the transactions on current year's income is not a required disclosure. However, it may be disclosed if management deems it necessary for users of the financial statements to understand the impact of the related-party transactions on the company's financial performance.

Which of the Following Is Not a Required Disclosure for Related-Party