Related Party Transactions Flashcards by Thavisha Fernando | Brainscape

Q

Criteria for RPT transaction

A

Person or close members of family related to reporting entity if One of the following

Has control or joint control
significant influence
Member of the Key mgmt personnes

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Q

When to measure RPT under CV

A

normal course of operations -> NMT-> not Inventory-> Commercial Substance
normal course of operations ->not NMT

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Q

When to measure RPT under CV

A

normal course of operations -> NMT-> Inventory->
normal course of operations -> NMT-> not Inventory->
no Commercial Substance
not normal course of operations -> change in interest of ownership -> Independently verifiable
not normal course of operations -> No change in interest of ownership -

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