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New BNA Portfolio Examines Related Party Transactions

NEWS RELEASE

Contacts:
Mark Carrington
(703) 341-5880

Arlington, Va. (July 1, 2008) – BNA®, publisher of the authoritative and universally recognized Tax Management Portfolios, has released the latest addition to the Accounting Policy and Practice Series, the BNA Tax and Accounting Portfolio 5148, Related Party Transactions. It is the first of two Portfolios dealing with related party transactions.

Related Party Transactions discusses the pervasiveness of related party transactions throughout a great spectrum of business dealings. It analyzes the nature of related party transactions and discussion of how these transactions are treated under generally accepted accounting principles. The Portfolio also reviews the applicable corporate governance features pertaining to related party transactions.

The Portfolio surveys the history and concepts pertaining to related party transactions and the considerable pertinent accounting literature, including Financial Accounting Standards Board, the AICPA, and PCAOB auditing pronouncements, Securities and Exchange Commission rules and regulations, and stock exchange listing requirements.

The Portfolio discusses in detail the accounting and disclosure requirements pertaining to a number of topics dealing with asset transfers among related parties, including sales, purchases, non-monetary transactions, lease arrangements, and transfers of financial instruments. Although generally accepted accounting principles contain guidance concerning the disclosure of related party transactions, the accounting standards are absent when it comes to accounting for these transactions. This Portfolio analyzes when related party transactions should be accounted for differently from transactions between unrelated parties. The guidance offers suggestions regarding possible approaches to the accounting for related party transactions under a range of differing circumstances.

This Portfolio may be cited as BNA Tax and Accounting Portfolio 5148, Paul, Related Party Transactions (Accounting Policy and Practice Series).

Jack W. Paul is a licensed CPA, and a Professor of Accounting at Lehigh University. He has conducted extensive accounting research, is a former director of the MS (Accounting) program at Lehigh University, and has taught financial and intermediate accounting, auditing, advanced auditing, information systems, CPA review, and managerial and cost accounting. Mr. Paul is the author of a number of accounting articles appearing in numerous academic and practitioner journals. He earned degrees from Cornell University (B.A., Economics) and Lehigh University (MBA, Ph.D.).

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BNA is the foremost publisher of print and electronic news, analysis, and reference products, including the recently launched Accounting Policy & Practice Series.  BNA publications intensely cover legal and regulatory developments for professionals in business and government. BNA is the oldest wholly employee-owned company in the United States, and produces more than 350 news and information services — including Daily Labor Report and Daily Tax Report — widely respected for comprehensive and objective reporting and analysis.