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Please provide summary on Ind AS 24 - Related Party Disclosures

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Please provide summary on Ind AS 24 - Related Party Disclosures

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Open uri20170510 32134 59004f?1494421790 answered

Ind AS 24 - Related Party Disclosures Under Ind AS 24, disclosures are required in respect of an entity’s transactions with related parties. Related parties include the following: 1.Parents 2.Subsidiaries 3.Fellow subsidiaries 4.Associates of the entity and other members of the group 5.Joint ventures of the entity and other members of the group 6.Members of key management personnel of the entity or of a parent of the entity (and close members of their families)

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Open uri20170510 32134 1ue0f38?1494421710 answered

Please provide summary on Ind AS 24 - Related Party Disclosures The objective of this Standard is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances, including commitments, with such parties. Related party relationships are a normal feature of commerce and business. For example, entities frequently carry on parts of their activities through subsidiaries, joint ventures and associates. In those circumstances, the entity has the ability to affect the financial and operating policies of the investee through the presence of control, joint control or significant influence. A related party relationship could have an effect on the profit or loss and financial position of an entity. Related parties may enter into transactions that unrelated parties would not. For example, an entity that sells goods to its parent at cost might not sell on those terms to another customer. Also, transactions between related parties may not be made at the same amounts as between unrelated parties.

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Data?1494421730 answered

Dear Friend > Ind AS 24 - Related Party Disclosures Under Ind AS 24, disclosures are required in respect of an entity’s transactions with related parties. Related parties include the following: 1. Parents 2. Subsidiaries 3. Fellow subsidiaries 4. Associates of the entity and other members of the group 5. Joint ventures of the entity and other members of the group 6. Members of key management personnel of the entity or of a parent of the entity (and close members of their families) 7. Persons with control, joint control or significant influence over the entity (and close members of their families) 8. Post-employment benefit plans 9. Entities (or any of their group members) providing key management personnel services to the entity or its parent Finance providers are not related parties simply because of their normal dealings with the entity. Management discloses the name of the entity’s parent and, if different, the ultimate controlling party. Relationships between a parent and its subsidiaries are disclosed irrespective of whether there have been transactions with them Management only discloses that related party transactions were made on terms equivalent to those that prevail in arm’s length transactions if such terms can be substantiated An entity is exempt from the disclosure of transactions (and outstanding balances) with a related party that is either a government that has control, joint control or significant influence over the entity or is another entity that is under the control, joint control or significant influence of the same government as the entity. Where the entity applies the exemption, it discloses the name of the government and the nature of its relationship with the entity. It also discloses the nature and amount of each individually significant transaction and the qualitative or quantitative extent of any collectively significant transactions. Thanks

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