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Related party
can someone pls tell me how to made disclosure of related party in notes to accounts of company with example of private limited company
Replies (4)
The auditor shall give disclosure of related party in notes of accounts explaining all the transactions done by the company with directors or other related parties including any purchase, sale, job work, loan, interest, rent etc.
Thanks for the reply .do we need to disclose the names of such say 12 companies and 2 firm in which director of company is director or partner ?
Poonam,
Yes, Company has to disclose about all related parties in note to accounts along with type of transaction and quontum of transactions.
Disclosures are to be made as per Accounting Standard -18
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