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.
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As 18 - disclosure
Replies (5)
AS-18 Disclosure says:: " attention is focussed on transactions with the directors or similar
key management personnel of an enterprise """
Hence Disclosure is required in this regard
But as on the transaction date the said KMP is not a KMP at all.
| Originally posted by : pragadeeshkanna | ||
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But as on the transaction date the said KMP is not a KMP at all. |
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No disclosure is required in that case..
As per AS-18 """If there have been transactions between related parties, during the
existence of a relatedi party relationship the reporting enterprise should disclose....."""
So during first half he was not a related party so the consultant fee need not be disclosed in the note if I am correct.
Yes......
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