ICAI’s Exposure Draft for Comments on “AS-24: Related Party Disclosures“
The Accounting Standards Board (ASB) of ICAI has issued the Exposure Draft of the Accounting Standard (AS) 24, Related Party Disclosures, for comments on any aspect thereof, to be received not later than 31 Oct. 2017, as under:
Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. Comments should be submitted using one of the following methods:
|3. Post:||Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110 002|
Any further clarifications may be sought by e-mail from ICAI using email@example.com
The objective of AS-24 is to establish requirements for disclosure of:
(a) related party relationships;
(b) transactions between a reporting entity and its related parties; and
(c) outstanding balances, including commitments, with such related parties.
This Standard shall be applied in identifying & reporting related party relationships and transactions between a reporting entity and its related parties. The requirements of this Standard apply to the financial statements of each reporting entity as also to consolidated financial statements presented by a holding company.