Related party disclosure please help

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Student
1374 Points Posted on 16 December 2020
do we need to disclose closing balance of party as well
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On 16 December 2020 at 17:32 Report
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This discussion clarifies the requirements for related party disclosures, specifically regarding closing balances. It confirms that outstanding balances at the end of the financial year must be disclosed in the Balance Sheet notes. Therefore, any closing balance payable at the year-end forms part of the related party disclosure.

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Manager-Accounts & GST Consultant
5124 Points Posted on 16 December 2020

If you are asking for the Balance Sheet notes then yes outstanding balances at the end of the year are to be shown. 

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On 16 December 2020 at 18:11
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96 Points Posted on 17 December 2020
Yes, the closing balance payable at the the year end will form part of related party disclosure.
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On 17 December 2020 at 00:01

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