Question

Which of the following are required disclosures for related-party transactions?

1) The nature of the relationship between the parties involved
2) The amount of the transaction
3) The financial impact of the transaction on the company
4) The approval process for the transaction
5) The potential conflicts of interest
6) All of the above

Answer 1

All of the given options (1-5) are required disclosures for related-party transactions.

Step-by-step explanation:

All of the following options are required disclosures for related-party transactions:

1. The nature of the relationship between the parties involved
2. The amount of the transaction
3. The financial impact of the transaction on the company
4. The approval process for the transaction
5. The potential conflicts of interest

These disclosures are necessary to ensure transparency and prevent any potential conflicts of interest. They provide stakeholders with relevant information about related-party transactions and help them make informed decisions.