Recognition principles LO2, 3 Sonia Goodall is a newly appointed director of Proserpine Ltd, a listed
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Recognition principles LO2, 3 Sonia Goodall is a newly appointed director of Proserpine Ltd, a listed company that organises major sporting events. Sonia has provided consultancy services to Proserpine Ltd for the past 10 years. In the most recent financial year these services amounted to $500 000. Required Determine whether the consultancy service provided by Sonia is a related party transaction that should be disclosed in the financial statements of Proserpine Ltd. Explain your answer.
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Related Book For
Financial Reporting
ISBN: 978-0730363361
2nd Edition
Authors: Janice Loftus ,Ken Leo ,Sorin Daniliuc ,Belinda Luke ,Hong Nee Ang ,Karyn Byrnes
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