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
Menu
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
Recent Topics :
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
Related Topics :
CAclubindia
