Related Party Recognition
No Thumbnail Available
Files
Date
2016
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Department of Accountancy, University of Kelaniya
Abstract
ABC Limited is a limited liability Company incorporated in Sri Lanka under the
companies Act No 17 of 1982 and also ABC Limited is licensed by the Monetary
Board of the Central Bank of Sri Lanka under the Finance companies Act No 78
of 1988 and re-registered under the Companies Act No. 07 of 2007. The company
provides vast range of financial service which includes accepting deposits,
leasing, gold loans, hire purchase, pawn brokering and other financial services.
The company has accepted deposits from director’s relatives, and they have not
recognized those transaction as related party transaction according to central
bank direction as well LKAS 24.
Description
Keywords
Citation
Herath, H.W.M.A. & Thilakarathna, C.R. 2016. Related Party Recognition. Case Studies in Accounting “Bridging the Gap”, 03: pp. 102-103. Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka.