Related party transaction as per AS 18

3285 views
User Avatar

profession
30 Points Posted on 08 December 2008

Can some one tell me whether it is related party transaction as Per AS 18.

Intrest received on loan by Company A from company B if both company have common director and director taking part in manegerial decesion. Company A is reporting company.

If YES what types of disclosure need for the same.

Reply Share Follow Topic
On 08 December 2008 at 15:09 Report
Replies (1)
User Avatar

Service
76 Points Posted on 08 December 2008

Yes,

If there have been transactions between related parties, during
the existence of a related party relationship, the reporting enterprise
should disclose the following:
(i) the name of the transacting related party;
(ii) a descripttion of the relationship between the parties;
(iii) a descripttion of the nature of transactions;
(iv) volume of the transactions either as an amount or as an
appropriate proportion;
(v) any other elements of the related party transactions necessary
for an understanding of the financial statements;
(vi) the amounts or appropriate proportions of outstanding items
Related Party Disclosures
pertaining to related parties at the balance sheet date and
provisions for doubtful debts due from such parties at that
date; and
(vii) amounts written off or written back in the period in respect of
debts due from or to related parties.

CA Surajit  Roy

Reply
On 08 December 2008 at 16:24

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. DRC-03 interest paid under CGST/SGST instead of IG
  2. GSTR1 amendment Bulk bills
  3. Capital Gain on Sale of Gold
  4. GST SALES RETURN MISSING 2025-26 FY
  5. Enquiry on FAST-DS system generated email
  6. Capital gain on sale of agriculture land
  7. Demand from TRACES
  8. FY 2025-26 ITC CLAIM DUE DATE
  9. 96084000 and 48202000 HSN code ka Tax Rate kya hai
  10. Clarifications for intra day transactions

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details