Dear Friends
Pls Clarrify me regarding the following:
One of my Client is a private ltd. company having Authorised & PUC of Rs. 10.00 Laks and turnover of Rs. 5.00 Crores and Secured loan of Rs. 20.00 laks..
My question is whether i need to diclose any related party transaction as per AS-18 ????
Pls frnds reply me ASAP..
Sir,
Your Client falls under LEVEL-2 as turnover falls between 40.00 lacs to 50.00 Crores.
AS-18 is not mandatory for Level-2 enterprises, but ICAI has cleraly mentioned that Accounting Standards 18, 19, 20, 24 and 29 which were earlier not applicable were or partially applicable to Level II and III companies are now made applicable to all the companies, irrespective of whether they are SMCs or other-wise. Modifications are also noticed in ICAI-announced exemptions and Govt.-notified exemptions in AS 19 and AS 29.
So as your client is Company, you have to Disclose under AS-18
rightly said by vishnupriya,
As the standard applies to Level 1 and all companies as provided in the Companies Accounting Standards Rules.........
Suggested formate
SUGGESTED DISCLOSURE UNDER AS 18
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Dear Friends
In of my client company, director has 3 proprietorship firm. Company has taken loan from 2 firm and closing balance is Rs. 45000 and 49000. and from other 3rd firm loan given and closing balance is Rs. 56000.
What is the gross value of transaction as per AS - 18 for form no 23ac ?
Also clerify me that if we have some closing balance of loan given from related party and some closing balance of loan accepted from related party, then what is the gross value of transaction as per AS 18 for form 23ac ? Should it addition of closing balance of loan given and loan accepted or it should be net of loan given and loan accepted ?
CAclubindia
