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

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