Question
Determine whether or not each of the following is a disclosable related-party transaction of ABC Ltd under AASB 124. Provide your reasons. Required: A. ABC
Determine whether or not each of the following is a disclosable related-party transaction of ABC Ltd under AASB 124. Provide your reasons.
Required:
A. ABC Ltd stores inventory in a warehouse that is leased from the wife of its directors. The lease rentals are at arm's length.
B. A performance-related amount is paid to the directors of ABC Ltd.
C. ABC Ltd sells 70% of its output to a company owned by a director and the balance (30%) to ASR Ltd, which is its associate by virtue of ABC Ltd owning 35% of the share capital.
D. There was the sale/purchase of goods by a subsidiary to/from ABC Ltd as the parent entity.
E. Dividend payments were made to employees who are holders of ABC Ltd's shares
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