Pennsylvania Code
Title 22 - EDUCATION
Part XII - Basic Education
Chapter 171 - STANDARDS FOR APPROVED PRIVATE SCHOOLS
Subchapter C - INTERIM AUDIT STANDARDS
Section 171.204 - Related party transactions
Universal Citation: 22 PA Code ยง 171.204
Current through Register Vol. 54, No. 52, December 28, 2024
(a) Related party transactions will be presented and disclosed in accordance with Generally Accepted Accounting Principles.
(b) Related parties include the following:
(1) Affiliates of the enterprise.
(2) Entities for which investments are
accounted for by the equity method by the enterprise.
(3) Trusts for the benefit of employees, such
as pension and profit-sharing trusts that are managed by or under the
trusteeship of management.
(4)
Principal owners of the enterprise and its management.
(5) Members of the immediate families of
principal owners of the enterprise and its management.
(6) Other parties with which the enterprise
may deal if one party controls or can significantly influence the management or
operating policies of the other to an extent that one of the transacting
parties might be prevented from fully pursuing its own separate
interests.
(c) Another party also is a related party if it can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.
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