AS 18 - 346 Accounting Standard (AS) 18 (issued 2000)...

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346 Accounting Standard (AS) 18 (issued 2000) Related Party Disclosures Contents OBJECTIVE SCOPE Paragraphs 1-9 DEFINITIONS 10-14 THE RELATED PARTY ISSUE 15-19 DISCLOSURE 20-27 The following Accounting Standards Interpretations (ASIs) relate to AS 18: ASI 13 - Interpretation of paragraphs 26 and 27 of AS 18 ASI 19 - Interpretation of the term ‘intermediaries’ ASI 21 - Non-Executive Directors on the Board - whether related parties ASI 23 - Remuneration paid to key management personnel- whether a related party transaction The above Interpretations are published elsewhere in this Compendium.
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(issued 2000) Related Party Disclosures (This Accounting Standard includes paragraphs set in bold italic type and plain type, which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting Standard should be read in the context of its objective and the Preface to the Statements of Accounting Standards 1 .) Accounting Standard (AS) 18, ‘Relate d Party Disclosures’ , issued by the Council of the Institute of Chartered Accountants of India, comes into effect in respect of accounting periods commencing on or after 1-4-2001. This Standard ismandatoryin nature 2 in respectofaccountingperiodscommencing on or after 1-4-2004 3 for the enterprises which fall in any one or more of the following categories, at any time during the accounting period: (i) Enterprises whose equity or debt securities are listed whether in India or outside India. * A limited revision to this Standard has been made in 2003, pursuant to which paragraph 26 of this Standard has been revised and paragraph 27 has been added to this Standard (See footnote 9 to this Standard). 1 Attention is specifically drawn to paragraph 4.3 of the Preface, according to which Accounting Standards are intended to apply only to items which are material. 2 Reference may be made to the section titled ‘Announcement s of the Council regarding status of various documents issued by the Institute of Chartered Accountants of India’ appearing at the beginning of this Compendium for a detailed discussion on the implications of the mandatory status of an accounting standard. 3 AS 18 was earlier made mandatory in respect of accounting periods commencing on or after 1-4-2001 only for the following enterprises: (i) Enterprises whose equity or debt securities are listed on a recognised stock exchange in India, and enterprises that are in the process of issuing equity or debt securities that will be listed on a recognised stock exchange in India as evidenced by the board of directors’ resolution in this regard. (ii) All other commercial, industrial and business reporting enterprises, whose turnover for the accounting period exceeds Rs. 50 crores. The relevant announcement was published in 'The Chartered Accountant', April
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This note was uploaded on 12/07/2011 for the course MBA 0001 taught by Professor Akshat during the Spring '09 term at Institute of Management Technology.

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AS 18 - 346 Accounting Standard (AS) 18 (issued 2000)...

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