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Related party balances.

SSandy10y ago
Hello sir, You have been doing a great job! I have a small question. If a company's payables balance consist of amounts due to related parties, (or receivables consist of amounts due from related parties), is it necessary to remove them from payables/receivables and reclassify them as amounts due to/from related parties? Many thanks.
MikeLittleMikeLittleTutor10y ago#1
No - the related party disclosure requirements are satisfied by an explanatory note to the financial statements
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