For a reporting entity that has participated in related-party transactions that are material, disclosure in the financial report should include:
A) the nature of the relationship and the terms and manner of settlement.
B) details of the transactions within major classifications.
C) a statement to the effect that a transaction was consummated on terms no less favourable than those that would have been obtained if the transaction had been with an unrelated party.
D) a reference to deficiencies in the entity's internal control.

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The Answer of For a reporting entity that has participated in related-party transactions that are material, disclosure in the financial report should include:
A) the nature of the relationship and the terms and manner of settlement.
B) details of the transactions within major classifications.
C) a statement to the effect that a transaction was consummated on terms no less favourable than those that would have been obtained if the transaction had been with an unrelated party.
D) a reference to deficiencies in the entity's internal control.

For a Reporting Entity That Has Participated in Related-Party Transactions