Question: For a reporting entity that has participated in related party transactions that are material, disclosure in the GAAP - based financial statements should include The

For a reporting entity that has participated in related party transactions that are material, disclosure in the GAAP-based financial statements should include
The nature of the relationship and the terms and manner of settlement.
A reference to deficiencies in the entitys internal control.
A statement to the effect that a transaction was consummated on terms equivalent to those that prevail in arms-length transactions.
Details of the transactions within major classifications.

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