As 18 related party issue

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Keval Vakharia (Querist)
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01 December 2013 X Ltd. was an associate of MN Ltd. upto September 2013 but ceased to be an associate thereafter. Purchase & Sales transactions were undertaken by MN Ltd. with X Ltd. throughout FY 13-14.

Whether transactions with X Ltd. should be reported under Related Party Disclosure by MN Ltd. for FY 2013-14?
If yes, transactions upto September are only to be reported or for the whole year?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 December 2013 AS-18 is for disclosure purpose. So disclosure should be made for entire 2013-14. Also a note should be given that MN Ltd cease to be associated of X Ltd.

Keval Vakharia

Keval Vakharia (Querist)
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02 December 2013 And if X Ltd. became a Related Party in October but was not a Related Party in first 6 months, then also transactions for whole year need to be disclosed?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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02 December 2013 Yes even in that case transaction of whole year should be disclosed.

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