P7 P7 All notes

Disclosures
General
The name of the entity’s parent and, if different, the ultimate controlling party
The nature of the related party relationship
Information about the transactions and outstanding balances necessary for an understanding of the relationship on
the financial statements
Key management personnel compensation should be broken down by:
short-term employee benefits
post-employment benefits
other long-term benefits
termination benefits

---

share-based payment
Group and Individual accounts
1.  Individual accounts
Disclose related party transactions / outstanding balances of parent, venturer or investor
2.  Group accounts
The intragroup transactions and balances would have been eliminated
Understanding RP relationships and transactions is vital
This is because:
1. 
Need to recognise possible fraud risk factors
2. 
Need to show fair presentation
3. 
Need to ensure RPs identified, accounted for and disclosed