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Section PS 2200 - Related party disclosures

Effective date:

April 1, 2017

Published by the PSAB:

March 2015, except for subsequent amendments

 

Overview

This Section defines a related party and establishes disclosures required for related party transactions. It is expected that reasonable efforts would be made to identify related party transactions. This may involve adopting policies and procedures designed to ensure that these transactions are appropriately identified, measured and disclosed in the financial statements.

Not all related party relationships or transactions occurring between related parties are required to be disclosed. Disclosure is generally required when related party transactions have occurred at a value different from that which would have been arrived at if the parties were unrelated. However, not all of these transactions are reportable under this Section. Only those transactions that have or could have a material financial effect on the financial statements are disclosed.

In Sep­tem­ber 2016, the PSAB ap­proved the with­drawal of Sec­tion 4260. The PSAB in­tends that, for NF­POs that ap­ply the PSA Hand­book with Sec­tions PS 4200 to PS 4270 to pre­pare their fi­nan­cial state­ments, Sec­tion 2200 will ap­ply to fis­cal years be­gin­ning on or af­ter April 1, 2017.  Ear­lier adop­tion will be per­mit­ted. Sec­tion PS 2200 will be ap­plied prospec­tively.

History of Section PS 2200

Date

Development

Comments

March 2015

New Section

This new Section defines a related party and establishes disclosures required for related party transactions.

Disclosure of information about related party transactions and the relationship underlying them is required when they have occurred at a value different from that which would have been arrived at if the parties were unrelated, and they have, or could have, a material financial effect on the financial statements.

This Section applies to fiscal years beginning on or after April 1, 2017. Earlier adoption is permitted.

September 2016

The PSAB approved the withdrawal of Section 4260

The PSAB intends that, for NFPOs that apply the PSA Handbook with Sections PS 4200 to PS 4270 to prepare their financial statements, Section PS 2200 will apply to fiscal years beginning on or after April 1, 2017.  Earlier adoption is permitted. Section PS 2200 is to be  applied prospectively. The PSAB issued the final Handbook amendments in December 2016.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.