What Do IASB Standards Say About Related Party Transactions

question 18

Multiple Choice

What do IASB standards say about related party transactions?

• A)They are illegal in most countries and must be avoided.
• B)Related party transactions should be eliminated from the financial statements.
• C)They must be disclosed in the notes to the financial statements.
• D)None of the above

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Definitions:

Intangible Rewards

Non-material benefits received from an activity or job, like recognition or personal satisfaction.

Self-cueing

A strategy individuals use to prompt or remind themselves of an action or behavior, often used to improve focus or maintain progress on tasks.

Prompting

A technique used to initiate or encourage a specific behavior, often used in learning and behavior modification strategies.

Reminds

Acts of causing someone to remember or think of something, typically through a prompt or cue.