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International Accounting
 

Related parties and it's methodology of accounting

Vol. 16, Iss. 45, DECEMBER 2013

Available online: 15 December 2013

Subject Heading: PROBLEMS OF ACCOUNT

JEL Classification: 

Burlakova O.V. Doctor of Economics, Professor, the Department of Accounting Analysis and Audit, the Orenburg State University
burlak2015@yandex.ru

Zhitinskaya O.I. Graduate Student, the Department of Accounting Analysis and Audit, the Orenburg State University
olgazhitinskaya@yandex.ru

Worldwide one of the most common forms of business entities are corporations, or so-called corporative groups, which are the groups of interrelated and interdependent entities or related parties. The related parties' relationships influence on the financial position and performance results of all organizations in the group. The article clarifies the methodology of accounting of related parties and makes proposals by the introduction into the Chart of account 2001 а new synthetic account 78 "Related parties" to reduce the working hours and time-consuming for the preparation of financial statements and its related parties' disclosures.

Keywords: related parties; parent company; subsidiary, jointly controlled entity, close members of the key management personnel

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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