An 'arm's length' transaction in accounting refers to a deal made by unrelated parties, each acting in their own best interest to ensure fair market value is upheld. Understanding and ensuring such transactions are vital for transparent financial statements.
A blind trust is a financial arrangement in which a person in public office or high-ranking position places their private financial affairs under the management of an independent trustee, who manages the assets without communicating details to the beneficial owner to prevent conflicts of interest.
