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FRS 8 Related Party Disclosures

Issued October 1995. Effective for accounting periods ending on or after 23 December 1995.

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Financial Reporting Faculty members get full access. Go directly to the electronic versions of the standards and any amendments.

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Synopsis

  • FRS 8 defines a related party to include an entity’s subsidiaries, associates, joint venture interests, directors and close family members of directors.
  • The standard requires an entity’s transactions with related parties, regardless of whether a price is charged, to be disclosed in that entity’s financial statements.

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Recent amendments

Current proposals

FRS 100 was issued in November 2012. The standard establishes rules on how to select the appropriate accounting framework for a particular entity. Depending on factors such as size and whether they are listed, UK entities will apply one of:

  • EU-adopted IFRS
  • FRS 101 Reduced Disclosure Framework (EU-adopted IFRS, with some amendments in order to comply with the Companies Act and reduce disclosure requirements)
  • FRS 102 (One standard which will replace existing SSAPs, FRSs and UITF Abstracts)
  • A modified FRSSE

The new UK GAAP is effective for periods beginning on or after 1 January 2015, with earlier adoption permitted.

Other resources

This page was last updated 4 December 2012