The Accounting Standards Board (AcSB) consulted with stakeholders about its priorities for domestic standards as per its 2017-2018 Annual Plan. During its consultations, the AcSB conducted a stakeholder survey.
The results of the survey identified Section 3840, Related Party Transactions in Part II of the Handbook as a high priority. A number of stakeholders identified accounting for related party combinations as an area of concern.
The Board is therefore, engaging in a research project to better understand the different types of related party combinations undertaken by private enterprises and not-for-profit organizations.
The Board is also researching the accounting challenges with these transactions.