3840 related party transactions.docx

3840 related party transactions.docx

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3840relatedpartytransactions

SPECIFICITEMS

SECTION3840

relatedpartytransactions

TABLEOFCONTENTS

Paragraph

Purposeandscope

.01-.02

Definitions

.03

Identificationofrelatedparties

.04-.07

Measurement

.08-.45

Transactioninthenormalcourseofoperations

.18-.25

Transactionnotinthenormalcourseofoperations

.26-.41

Gainsandlosses

.42-.43

Consolidationandequityaccounting

.44-.45

Disclosure

.46-.58

Descriptionofrelationship

.49-.50

Descriptionoftransaction

.51-.52

Amountoftransactions

.53-.54

Measurementbasis

.55

Amountsduetoorfromrelatedparties

.56

Consolidatedfinancialstatements

.57

Representationsaboutfairvalue

.58

Transitionalprovisions

.59-.61

Decisiontree

Illustrativeexamples

PurposeandScope

PURPOSEANDSCOPE

.01   ThisSectionestablishesstandardsforthemeasurementanddisclosureofrelatedpartytransactionsinthefinancialstatementsofprofit-orientedenterprises.Not-for-profitorganizationswouldrefertothedisclosurestandardssetoutinDISCLOSUREOFRELATEDPARTYTRANSACTIONSBYNOT-FOR-PROFITORGANIZATIONS,Section4460.

.02   ThisSectiondoesnotapplytomanagementcompensationarrangements,includingemployeefuturebenefitsaccountedforinaccordancewithEMPLOYEEFUTUREBENEFITS,Section3461,expenseallowancesandothersimilarpayments,includingloansandreceivables,toindividuals,inthenormalcourseofoperations.FINANCIALINSTRUMENTS—RECOGNITIONANDMEASUREMENT,Section3855,specifiesaccountingrequirementsformeasurementoninitialrecognitionoffinancialassetsandfinancialliabilitiesresultingfromarelatedpartytransaction.

Definitions

DEFINITIONS

.03   ThefollowingtermsareusedinthisSectionwiththemeaningsspecified:

（a）   Carryingamountistheamountofanitemtransferred,orcostofservicesprovided,asrecordedintheaccountsofthetransferor,afteradjustment,ifany,foramortizationorimpairmentinvalue.

（b）   Exchangeamountistheamountofconsiderationpaidorreceivedasestablishedandagreedtobyrelatedparties.

（c）   Fairvalueistheamountoftheconsiderationthatwouldbeagreeduponinanarm'slengthtransactionbetweenknowledgeable,willingpartieswhoareundernocompulsiontoact.

（d）   Controlofanenterpriseisthecontinuingpowertodetermineitsstrategicoperating,investingandfinancingpolicieswithouttheco-operationofothers.

（e）   Jointcontrolofaneconomicactivityisthecontractuallyagreedsharingofthecontinuingpowertodetermineitsstrategicoperating,investingandfinancingpolicies.

（f）   Significantinfluenceoveranenterpriseistheabilitytoaffectthestrategicoperating,investingandfinancingpoliciesoftheenterprise.

（g）   Relatedpartiesexistwhenonepartyhastheabilitytoexercise,directlyorindirectly,control,jointcontrolorsignificantinfluenceovertheother.Twoormorepartiesarerelatedwhentheyaresubjecttocommoncontrol,jointcontrolorcommonsignificantinfluence.Relatedpartiesalsoincludemanagementandimmediatefamilymembers（seeparagraph3840.04）.

（h）   Arelatedpartytransactionisatransferofeconomicresourcesorobligationsbetweenrelatedparties,ortheprovisionofservicesbyonepartytoarelatedparty,regardlessofwhetheranyconsiderationisexchanged.Thepartiestothetransactionarerelatedpriortothetransaction.Whentherelationshiparisesasaresultofthetransaction,thetransactionisnotonebetweenrelatedparties.

（i）   Anownershipinterestinanitemtransferredorthebenefitofaserviceprovidedexistswhenanenterprisehastherightandabilityto,directlyorindirectly,obtainfutureeconomicbenefitsfromtheitemtransferredortheserviceprovided.

IdentificationofRelatedParties

IDENTIFICATIONOFRELATEDPARTIES

.04   Themostcommonlyencounteredrelatedpartiesofareportingenterpriseincludethefollowing:

（a）   Anenterprisethatdirectlyorindirectly,throughoneormoreintermediaries,controls,oriscontrolledby,orisundercommoncontrolwith,thereportingenterprise.

（b）   Anindividualwhodirectly,orindirectlythroughoneormoreintermediaries,controlsthereportingenterprise.

（c）   Theotherparty,whenaninvestmentisaccountedforbytheequityortheproportionateconsolidationmethodandthereportingenterpriseiseithertheinvestorortheinvestee.

（d）   Management:

anyperson（s）havingauthorityandresponsibilityforplanning,directingandcontrollingtheactivitiesofthereportingenterprise.（Inthecaseofacompany,managementwouldincludethedirectors,officersandotherpersonsfulfillingaseniormanagementfunction.Whenanindependentcommitteeoftheboardofdirectorsisestablishedinaccordancewithregulatoryrequirements,torepresentthenon-controllinginterestsofanenterprise,thedirectorsservingonthatcommitteearedeemednottoberelatedpartiesforthetransactionunderconsideration.）

（e）   Anindividualhavinganownershipinterestinthereportingenterprisethatresultsinsignificantinfluenceorjointcontrol.

（f）   Membersoftheimmediatefamilyofindividualsdescribedin（b）,（d）and（e）.（Immediatefamilycomprisesanindividual'sspouseandthosedependentoneithertheindividualortheindividual'sspouse.）

（g）   Theotherparty,whenamanagementcontractorothermanagementauthorityexistsandthereportingenterpriseiseitherthemanagingormanagedparty.

（h）   Anypartythatissubjecttosignificantinfluence,whetherbyreasonofanownershipinterest,managementcontractorothermanagementauthority,byanotherpartythatalsohassignificantinfluenceoverthereportingenterprise.

（i）   Anypartythatissubjecttojointcontrolbythereportingenterprise.（Inthisinstance,apartysubjecttojointcontrolisrelatedtoeachoftheventurersthatsharethatjointcontrol.However,theventurersthemselvesarenotrelatedtooneanothersolelybyvirtueofsharingofjointcontrol.）

.05   Atransactionbetweenaventurerandajointventure,involvingtheexchangeofanassetforaninterestinthejointventure,isconsideredtobeatransactionbetweentheventurers.Whentheventurersareunrelated,suchatransactionisnotarelatedpartytransactionandisaccountedforinaccordancewithINTERESTSINJOINTVENTURES,Section3055.Whenventurersarerelated,therequirementsofthisSectionapplysuchthatatransactionwithajointventurebyaventurerthatisrelatedtootherventurersismeasuredateitherexchangeamountorcarryingamount,dependingonthenatureofthetransaction.AtransactionmeasuredatexchangeamountresultsinincomerecognitionofanygainorlossinaccordancewithINTERESTSINJOINTVENTURES,Section3055（byvirtueofparagraph3840.43）.Atransactionmeasuredatcarryingamountresultsinanydifferencebetweenthecarryingamountsofitemsexchangedbeingincludedasachargeorcredittoequityinaccordancewithparagraph3840.09.

.06   Thedegreeofinfluencethatonepartymayexertonanotherisamajorfactorindeterminingwhethertheyarerelated.Insomecases,thedegreeofinfluencemaybesoremotethattheyneednotbeconsideredrelated.Forexample,twocompaniesmaybeunrelatedeventhoughonedirectorservesontheboardofeachcompany;insuchacase,thedegreeofinfluenceexercisedbythedirectoroverthestrategicpoliciesofeachcompanydetermineswhetherthecompaniesarerelated.

.07   Managementwouldmakereasonableeffortstoidentifyallrelatedparties.Circumstancesthatmightindicatetheexistenceofrelatedpartiesincludeabnormaltermsoftradeortransactionsnotnormallyenteredintobythereportingenterprise.Inidentifyingrelatedparties,managementwouldtakeintoaccountanybeneficialownershipofanenterprisethatitknowsisheldthroughnominees.Whenmanagementhasidentifiedcircumstancesindicatingthattheotherpartytoatransactionmayberelated,managementhasaresponsibilitytoascertainwhetherthatpartyis,indeed,related.

Measurement

MEASUREMENT

.08   ¨Arelatedpartytransactionshouldbemeasuredatthecarryingamount,exceptasspecifiedinparagraphs3840.18and3840.29.[OCT.1995]

.09   ¨Whenarelatedpartytransactionismeasuredatcarryingamount,anydifferencebetweenthecarryingamountsofitemsexchanged,togetherwithanytaxamountsrelatedtotheitemstransferred,shouldbeincludedasachargeorcredittoequity.[OCT.1995]

.10   Inahistoricalcost,transaction-basedaccountingmodel,transactionsaregenerallyrecognizedattheamountofcashorcashequivalentspaidorreceivedoratthefairvalueascribedtothemwhentheytookplace.Itisgenerallypresumedthatatransactionamountarrivedatbypartiesdealingatarm'slengthrepresentsthefairvalueoftheitemsexchanged.Conversely,asrelatedpartiesdonotdealatarm'slength,atransactionbetweenrelatedpartiescannotbepresumedtohavebeenenteredintoat"fairvalue".

.11   Itispossiblethatthetransactionamountmayapproximatefairvalue.However,ifitdoesnot,itisnotnecessaryforatransactingpartytoestablishwhatthetermsofanon-arm'slengthtransactionwouldhavebeenhaditbeenbargainedonanarm'slengthbasis.

.12   Relatedpartiesmayhaveflexibilityintheprice-settingprocessthatisoftennotpresentintransactionsbetweenunrelatedparties.Further,relatedpartiesmayenterintotransactionsthatunrelatedpartieswouldnotnecessarilyenterinto.

.13   Inatransactionbetweenrelatedparties,achangeinthecarryingamountofanitemtransferredorserviceprovidedisjustifiedonlywhenthecriteriaofparagraph3840.18or3840.29aremet.Transactionsbetwe