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Hi
If there is a sale of property to a manager of ours and if he doesnt pay the amount as of at the end of the year along with RP disclosures we should recognize recievables as well right ?
First to note for anyone reading this post that RPs and RPTs are not examinable in AA (because they are not examinable in FA/F3).
In answer to your question – first and foremost, the sale results in a receivable – this is recorded in the accounting records regardless of who the sale is to.
The requirements of IAS 24 then put another “layer” of DISCLOSURE requirements concerning RPs and RPTs which is “on top of”/in addition to normal accounting. It does not in any way change how a transaction is accounted for.
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