Paragraph 38 Related Party TransactionsF1
Particulars may be given of transactions which the society has entered into with related parties, and must be given if such transactions are material and have not been concluded under normal market conditions.
The particulars of transactions required to be disclosed by sub-paragraph (1) must include—
the amount of such transactions,
the nature of the related party relationship,
other information about the transactions necessary for an understanding of the financial position of the society.
Information about individual transactions may be aggregated according to their nature, except where separate information is necessary for an understanding of the effects of related party transactions on the financial position of the society.
Particulars need not be given of transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly-owned by such a member.
In this paragraph, “related party” has the same meaning as in international accounting standards.
Annotations
Textual amendments
- F1
Sch. 5 para. 38 inserted (29.6.2008 with application in accordance with reg. 1(2) of the amending S.I.) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2008 (S.I. 2008/1143), regs. 1(2), 4