Transactions between a company and its directors are often not particularly well handled either in terms of their legal implications or their impact on the accounts. The Companies Act 2006 imposes additional statutory obligations on directors and changes the way that certain transactions should be handled and disclosed. FRS 8 is also being revised. Transactions with directors are also the subject of close inspection and challenge by HMRC. This course dusts off a much neglected aspect of company accounts and is sure to be of use to advisors, accounts preparers and auditors alike. As a result of this course participants will be able to:

• Appreciate how directors' statutory duties apply in respect of transactions with their company
• Understand the legal and accounting requirements in respect of company transactions involving directors and related parties
• Explain the requirements for disclosure to clients
• Advise on appropriate disclosures in full annual and abbreviated accounts

Partners and audit staff advising clients or drafting accounting disclosures as well as company directors themselves.

The course will address the following:

• Are you familiar with the new legal requirements?
• Could you advise your client when a transaction needs formal disclosure to the Board or the shareholders before it goes ahead?
• Are you aware of the circumstances under which transactions should or need not be disclosed in the accounts?
• Do you really know what is meant by “connected parties” or “related parties” and a company's obligations in respect of transactions with them?