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As 18 transation disclosure

This query is : Resolved 

A person who was consultant receiving professi0nal fees during the first half of the year became the CEO in the second half. He is identified as key management person. Kindly clarify whether the amount paid to him as consultant to be disclosed under AS 18.

If you have a doubt about disclosure of a particular thing as per any accounting standard voluntary disclosure is possible you can disclose that will ease out the risk of non disclosure..

In Any way
Name of the related party and nature of the related party relationship where control exists should be disclosed irrespective of
whether or not there have been transactions between the related parties.

u say your professional fees for whole year so it does not mean you are key or no key management person!

Dear Mr.Pragadeeshkanna,

No, In my opinion as the person has become a related party only during the second half and the amount to be disclosed under Related Party disclosure is the payments made during the existence of the Related Party relationship.

I hope your query is got clarified.

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