Please confirm whether the following will be considered a key management personnel under AS -18:
- A non executive promoter Director
- A non excutive promoter Direcotor who is also the chairman
Regards
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Related Party
Replies (3)
As per AS 18 , Key management person(KMP) is a related party .KMP is a person who has responsibility of taking operating and financing decision and have authority and responsibility to plan, direct and control.
- A non executive promoter Director
- A non excutive promoter Direcotor who is also the chairman
both are not related party as per ASI -21.Follow the given link to read ASI-21--www.icai.org/resource_file/333asi_accstand21.pdf
Regards Ramesh Kr Verma
agree wd rakesh sir..
as per ASI see the following.. . A non-executive director of a company should not be considered as a keymanagement person underAS 18 by virtue of erely his being a director unless he has the authority and responsibility for planning, directing and controlling the activities of the reporting enterprise. 4. The requirements of AS 18 should not be applied in respect of a nonexecutive director even if he participates in the financial and/or operating policy decision of the enterprise, unless he falls in any of the categories in paragraph 3 of AS 18. 1
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