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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › June 2014
Question 3
“Discuss how the above items should be dealt with in the financial statements of Minco.”
Sir does this requirement indicate treatment in group financial statement or individual financial statement???
And
sir should i disclose related party transaction in individual financial statement as per ias 24 or treat them as per related ias????
Hi,
There is no reference to Minco being parent company, so it would only be in the individual financial statements of Minco.
The transactions are disclosed as per IAS 24 but their treatment is governed by the appropriate accounting standard.
Thanks