Related party & inter-entity transactions

Published on: Nov 30, 2016

Two standards with a more imminent effective date include PS 2200 Related Party Transactions and PS 3420 Inter-entity transactions. Both standards are effective April 1, 2017, though earlier adoption is permitted. PS 2200 looks to address issues around the recognition, measurement and disclosure of related party transactions and applies to all financial statements. PS 3420, on the other hand, looks to provide guidance on how to account for and report transactions between public sector entities that comprise a government reporting entity.


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