As 24 Related Party Disclosure
Indian Accounting Standard (Ind AS) 24
Related Party Disclosures
CONTENTS
PARAGRAPHS
OBJECTIVE
1
SCOPE
2-4B
PURPOSE OF RELATED PARTY DISCLOSURES
5-8
DEFINITIONS
9-12
DISCLOSURES
All entities
13-24A
Government-related entities
25-27
ILLUSTRATIVE EXAMPLES
APPENDIX
1 Comparison with IAS 24, Related Party Disclosures
Indian Accounting Standard (Ind AS) 24
Related Party Disclosures
(This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.).
Objective
1The 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.
Scope
2This Standard shall be applied in:
(a)identifying related party relationships and transactions;
(b)identifying outstanding balances, including commitments, between an entity and its related parties;
(c)identifying the circumstances in which disclosure of the items in (a) and (b) is required; and
(d)determining the disclosures to be made about those items.
3This Standard requires disclosure of related party relationships, transactions and outstanding balances, including commitments, in the consolidated and separate financial statements of a parent, venturer or investor presented in accordance with Indian Accounting Standard (Ind AS) 27 Consolidated and Separate Financial Statements. This Standard also applies to individual financial statements.
4Related party transactions and outstanding balances with other entities in a group are disclosed in an entity’s financial statements. Intra-group related party transactions and outstanding balances are eliminated in the preparation of consolidated financial statements of the group.
4ARelated
Related Party Disclosures
CONTENTS
PARAGRAPHS
OBJECTIVE
1
SCOPE
2-4B
PURPOSE OF RELATED PARTY DISCLOSURES
5-8
DEFINITIONS
9-12
DISCLOSURES
All entities
13-24A
Government-related entities
25-27
ILLUSTRATIVE EXAMPLES
APPENDIX
1 Comparison with IAS 24, Related Party Disclosures
Indian Accounting Standard (Ind AS) 24
Related Party Disclosures
(This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.).
Objective
1The 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.
Scope
2This Standard shall be applied in:
(a)identifying related party relationships and transactions;
(b)identifying outstanding balances, including commitments, between an entity and its related parties;
(c)identifying the circumstances in which disclosure of the items in (a) and (b) is required; and
(d)determining the disclosures to be made about those items.
3This Standard requires disclosure of related party relationships, transactions and outstanding balances, including commitments, in the consolidated and separate financial statements of a parent, venturer or investor presented in accordance with Indian Accounting Standard (Ind AS) 27 Consolidated and Separate Financial Statements. This Standard also applies to individual financial statements.
4Related party transactions and outstanding balances with other entities in a group are disclosed in an entity’s financial statements. Intra-group related party transactions and outstanding balances are eliminated in the preparation of consolidated financial statements of the group.
4ARelated