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PLease guide IAS 24
05-06-2011, 02:00 AM
Post: #1
PLease guide IAS 24
There is a subsidiary selling goods to its parent on consumption basis. which means that goods are issued and Returned. The sale is recorded for net goods consumed.

Is this an arms length transaction and wt sort of special disclosure is needed in thid regard
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05-06-2011, 04:03 AM
Post: #2
 
it could or could not be an arm's length transaction. it depends on the terms between the parent and subsidiary but transaction with the parent grants a disclosure

Nature of Relationship Parent Company
Nature of Transaction ....
Amount of Transaction ....
Amount Received ....
Balance
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