5.1.1 Introduction

The disclosure requirements for advances, credit and guarantees in favour of directors are contained in s413 of the 2006 Act. These provisions are more limited than the requirements of the 1985 Act in terms of the transactions covered and the disclosures required. The Government’s intention was to reduce these requirements to the minimum required by the EU Accounting Directive. As directors and certain parties closely related to them are related parties under FRS 102, in practice there is little difference in the disclosures required in most cases but see 5.1.4 below.

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