Related Party Disclosures

Question 1

IFRS vs US GAAP What is reported for related party disclosure on the following? Officer Expenses Officer Salaries Loan to officers Intercompany sales For IFRS? For GAAP?

Answer 1

For GAAP: Loan to officers exists outside course of business, therefore must be disclosed as a Related-party disclosure

For IFRS:

Question 2

What is disclosed in the disclosure notes to the F/S on significant accounting policies?

Answer 2

Policies, basis, criteria on how an item is reported on the financial statement.

Question 3

What is required disclosure on risks and uncertainties under US GAAP?

Answer 3

Disclosure of products and services and its principal markets Disclosure of use of estimates to prepare F/S Disclosure of concentrations when it’s reasonably possible that a concentration could cause severe impact in near term.