DEVELOPMENT OF RELATED PARTY DISCLOSURES

Raileanu Vasile

Annales Universitatis Apulensis Series Oeconomica, 2006, vol. 1, issue 8, 32

Abstract: The group's consolidated financial statements includes those entities that the parent entity controls, all joint ventures where the parent has joint control and all associates where the parent exercises significant influence. IFRS specify the levels of ownership that are presumed to convey control or significant influence to a parent or investor, but these must be supported by facts. Parties are related if one has control or significant influence over the other. Significant influence is relevant when it relates to financial or operating decisions. The existence of cont rol or influence can affect the terms on which the two parties transact. An understanding of the relationship and the terms on which two related parties have transacted is therefore relevant in understanding an entity's financial statements.

Keywords: IFRS; group's consolidated financial statements. (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2006
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