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Topics hide Transfer pricing for transactions between related parties Arm’s length transaction principle OECD Transfer pricing methods Traditional Transaction Methods 1. Comparable Uncontrolled Price Method CUP example 2. The Resale Price Method Resale price example 3. The Cost Plus Method Cost plus example Transactional Profit Methods 4. The Comparable Profits Method Comparable profits transfer example … Read more
Topics hide Understanding related party disclosures Disclosure requirements Exemption from disclosure (IAS 24 25) Disclosure requirements when an exemption applies Example – Understanding related party disclosures Example disclosures Understanding related party disclosures Understanding related party disclosures Example Understanding related party disclosures shows two disclosures of related-party transactions. Here is a real life disclosure from Petrobas … Read more
Inventory costing – is about costs allocated to value inventory in stock at the end of a reporting period and calculate the costs of sales/gross profit earned in a period. Most operations comprise retail or wholesale operations, using relatively simple inventory costing systems such as FIFO, LIFO or Average Costs, other operations such as manufacturing … Read more
Disclosure financial assets and liabilities Introductory guidance Disclosing financial assets and liabilities (financial instruments) in one note Users of financial reports have indicated that they would like to be able to quickly access all of the information about the entity’s financial assets and liabilities in one location in the financial report. The notes are therefore … Read more
Topics hide Disclosure Related party transactions Presentation Materiality Key management personnel compensation Related party definition Post-employment benefit plans Transactions with related parties Comparatives Other potential disclosures Example Disclosure Related party transactions 20 Related party transactions 20(a) Parent entities 20(b) Subsidiaries 20(c) Key management personnel compensation 20(d) Transactions with other related parties 20(e) Outstanding balances arising … Read more
IAS 24 Related parties by definition starts with two classes of related parties: person(s) IAS 24 Related parties by definition entity(ies) IAS 24 Related parties by definition in relation to the central entity in this standards the REPORTING ENTITY. IAS 24 Related parties by definition The reporting entity in IAS 24 is referred to (so … Read more