related party transactions

related party transactions
The transfer of assets, liabilities, or the performance of services by, to, or for a related party irrespective of whether a price is charged. Under Financial Reporting Standard 8, companies should disclose in their annual accounts information on related party transactions. These should also give the name of the party controlling the reporting entity and, if different, that of the ultimate controlling party, whether or not any transactions have taken place.
From 1 January 2005 listed companies are required to observe International Accounting Standard 24, Related Party Disclosures.

Accounting dictionary. 2014.

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