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This Standard establishes requirements for disclosure of related party relationships and transactions in financial statements. It defines related parties, related party transactions, control, significant influence, and other terms relevant to related party disclosures.
Jun 15, 2024 · AS 18 establishes requirements for disclosure of Related party relationships and transactions between enterprises. It defines Related party as a party with control or influence over another party. Standard covers entities like holding companies, subsidiaries, associates, individuals with influence, key management personnel.
- IAS 1 — Presentation of Financial Statements.
- IAS 2 — Inventories.
- IAS 7 — Statement of Cash Flows.
- IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors.
This Standard requires entities to disclose their related party relationships, transactions and outstanding balances in their financial statements. It defines related parties, related party transactions and related party disclosures, and explains the purpose and scope of the Standard.
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May 1, 2018 · Article compares disclosure required under Companies Act, 2013, Accounting Standard 18 and IND AS 24.It Further explains Related Party Transactions under the Companies Act and Revised Clause 49 of SEBI Listing Agreement.
Related party provisions and disclosures. This article aims to: Elucidate the provisions pertaining to related party transactions and disclosures, that are applicable to NBFCs. Background. Determining related parties and RPTs. Related Party Transactions (RPTs) have been an area of focus for regulators, auditors and shareholders.
1. The objective of this Standard is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances, including commitments, with such parties.
