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Directors Loan Note Disclosure

  • 19-08-2009 2:49pm
    #1
    gerbear
    Closed Accounts Posts: 1 ✭


    Hi guys, just wondering can anyone help me with this.

    I already know know that director transactions such as amount of remuneration and details in regards to a directors loan must be shown as notes in full sets of accounts, but are the same notes needed in the Abridged Accounts for the CRO ?


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    Yes details of directors loans and transactions with the directors are required to be disclosed in the abridged accounts as a note as are any other FRS 8 transactions.

    Directors salaries are not required to be disclosed (unless not to do so would cause the abridged accounts to be misleading or not show a true and fair view)

    Hope this helps


    dbran


  • #3
    Citizenpain
    Registered Users, Registered Users 2 Posts: 2,004 ✭✭✭Citizenpain


    I'm going to hijack this thread , sorry

    Do loans need to be disclosed naming the Director , or is it ok to simply state Directors Loans?
    dbran wrote: »
    Hi

    Yes details of directors loans and transactions with the directors are required to be disclosed in the abridged accounts as a note as are any other FRS 8 transactions.

    Directors salaries are not required to be disclosed (unless not to do so would cause the abridged accounts to be misleading or not show a true and fair view)

    Hope this helps


    dbran


  • #4
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    The names of the related parties/directors should be disclosed if you are using FRS 8.

    If you are using IAS 24 then you are not required to disclose the names of the related party just by type.

    Regards


    Dbran


  • #5
    v638sg7k1a92bx
    Closed Accounts Posts: 2,913 ✭✭✭v638sg7k1a92bx


    dbran wrote: »
    Hi

    The names of the related parties/directors should be disclosed if you are using FRS 8.

    If you are using IAS 24 then you are not required to disclose the names of the related party just by type.

    Regards


    Dbran

    Sorry to revive this but how do you know when to use FRS 8 or IAS 24?


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