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A review of related-party transactions for the 2012–2013 academic year identified 1,350 related party transactions involving 976 trusts. The vast majority of these were compliant with relevant guidance protecting public funds (the Academies Accounts Direction), [7] but transactions at 17 trusts were found to be irregular or improper. [8]
Most rules provide standards for when unrelated party prices, transactions, profitability or other items are considered sufficiently comparable in testing related party items. [35] Such standards typically require that data used in comparisons be reliable and that the means used to compare produce a reliable result.
2 International aspects and accounting ... equity, revenue and expenses, and used for recording transactions in the ... 7.0.0 Intercompany And Related Party Accounts ...
Intercompany accounting is the accounting process when transactions occur between two business entities with common ownership. Companies with common ownership include parent companies and subsidiary companies. Intercompany transactions arise when business transactions occur between entities that are not independent since control of both is held ...
Related Party Disclosures: 1984 January 1, 1986: IAS 25 Accounting for Investments 1986 January 1, 1987: January 1, 2001: IAS 39 and IAS 40: IAS 26: Accounting and Reporting by Retirement Benefit Plans 1987 January 1, 1988: IAS 27: Consolidated Financial Statements and Accounting for Investments in Subsidiaries (1989)
Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions ...
Asset specificity is a term related to the inter-party relationships of a transaction. It is usually defined as the extent to which the investments made to support a particular transaction have a higher value to that transaction than they would have if they were redeployed for any other purpose.
Regulation S-X and the Financial Reporting Releases (Staff Accounting Bulletins) set forth the form and content of and requirements for financial statements required to be filed as a part of (a) registration statements under the Securities Act of 1933 and (b) registration statements under section 12, [2] annual or other reports under sections 13 [3] and 15(d) [4] and proxy and information ...