Parties related only for part of the reporting period

Question

Say, the reporting period is from Jan to Dec 2012. Now, a party is related to the reporting entity upto May 2012 after which it became unrelated. Then will the transactions with such party upto May 2012 will be required to be shown as related party transactions??
Please to give reference to some authoritative material on the same.

Answer 1

Yes you should disclose the related party transactions for the relevant period as per the disclosure requirements given in IAS 24.12-22. It is advisable to mention the period up to which such party was considered a related party & the reason why it ceased to be a related party so that the readers can better understand what has happened.

Comments

Thank you very much Byonsee... appreciate it.