Relating party transactions the UK way

Article Abstract:

The Accounting Standards Committee's exposure draft 46 (ED 46), Disclosure of Related Party Transactions, has broken with foreign accounting precedents and developed new rules for related party transaction disclosures. Unlike the Financial Accounting Standards Board 57 and International Accounting Standard 24 which require disclosure of all related party transactions, ED 46 only requires disclosure of abnormal transactions. ED 46 requires disclosure of the nature of transactions, names of parties involved and their relationship. ED 46 also covers the transfer of goods and services between related parties, and the disclosure of economic dependence.

Reports, Accounting Standards Committee

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Proposed statement of standard accounting practice - ED46: disclosure of related party transactions

Article Abstract:

The proposed statement of standard accounting practice exposure draft 46 deals with disclosure and accounting of related party transactions. The exposure draft is broken down into seven parts including: defining related terms; reviewing domestic, Irish, and international stock exchange requirements; and assuring compliance with international accounting standard Number 24 'Related Party Disclosures'. The draft explains in detail several related topics including: normal and abnormal transactions; economic dependence; and management responsibilities.

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Volatile US costs: critics were right

Article Abstract:

Negative predictions concerning the Financial Accounting Standards Board's SFAS 87, Employers' accounting for pensions, have been largely borne out. The chief problem involves the setting of the settlement rate, which is the interest rate used to calculate the going-concern liabilities of a pension scheme. The rate must represent the rate at which liabilities could be discharged, or 'settled', based on existing fixed interest securities' market value on the balance sheet date. Methods of determining the rate are discussed.

Pensions

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