Accounting standard 18-related party disclosure
This query is : Resolved
13 February 2013
Kindly help me on the following:
Whether HUF the karta of whom is also director of private limited company, can be considered as related party for that private limited company.
e.g. Mr. A is karta of ABC HUF as well as director of XYZ Private Limited. Can ABC be considered as related party to XYZ Private Limited.
Whether HUF the karta of whom is also director of private limited company, can be considered as related party for that private limited company.
e.g. Mr. A is karta of ABC HUF as well as director of XYZ Private Limited. Can ABC be considered as related party to XYZ Private Limited.
13 February 2013
Please refer FAQ 12 on revised schedule VI.
As per para 4.1.1 of Guidance Note on the Revised Schedule VI, Accounting Standards will override Schedule VI and hence, related party shall be as defined in the Accounting Standard.
HUF is not part of AS 18 relations disclosures.
As per para 4.1.1 of Guidance Note on the Revised Schedule VI, Accounting Standards will override Schedule VI and hence, related party shall be as defined in the Accounting Standard.
HUF is not part of AS 18 relations disclosures.
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