How do transactions between related parties provide opportunities for behaviour not in the best interests of the reporting entity?

1.What is a related party?  2.Why would a related-party relationship expose a reporting entity to risks, or provide opportunities that may not have existed without that relationship?

 

3. How do transactions between related parties provide opportunities for behaviour not in the best interests of the reporting entity?  4. How can related-party transactions be used for profit manipulation or profit creation?  5. Outline the alternative ways in which related-party transactions could be disclosed. What approach has been adopted in AASB 124 ‘Related Party Disclosures’? Why do you think this is the case?

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