The following requirements relate to Ms. Stitt’s testimony about the CanWest non-compete…

The following requirements relate to Ms. Stitt’s testimony about the CanWest non-compete payments:

[a] The concept of a “related party” is defined by generally accepted accounting principles (GAAP). Review the FASB's Accounting Standards Codification (ASC) and determine where guidance for related parties is contained in accounting standards.

[b] Provide a brief overview of the accounting standards' definition of “related party transactions.”

 [c] What are the primary accounting requirements for related parties described in the ASC? What types of information should be included in financial statements?

 [d] Based on your understanding of the concept of “related party transactions,” why would the non-compete payments described in this case be considered a “related party transaction?” In June 2014, the PCAOB issued Auditing Standard No. 18, Related Parties. Visit the PCAOB's website (www.pvcaob.org) and locate PCAOB Release No. 2014-002 issued on June 10, 2014 to answer the following questions:

[e] What three critical areas are the subject of this new standard and why did the PCAOB decide those areas should be addressed in this new standard?

 [f] Summarize the primary auditor responsibilities in the PCAOB's AS 18 regarding the auditor's responsibilities with respect to identifying related party relationships and transactions.

 

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