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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What must a company disclose for related party transactions?

To determine

State the disclosure made by the company for related party transactions.

Explanation

Additional balance sheet disclosures:

  • It is not possible to report all the relevant information about the financial position of the company directly in the body of the financial statements. Therefore company can provide many “disclosures in the notes accompanying to its financial statements”.
  • It is vital for the external users of the financial statements to know the accounting practices, policies and methods of a company. For this purpose, GAAP requires the company to disclose its important accounting policies in the note...

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