What is related party transaction as per ind as 24?

A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.

Who are related parties as per IAS 24?

A related party is a person or an entity that is related to the reporting entity: A person or a close member of that person’s family is related to a reporting entity if that person has control, joint control, or significant influence over the entity or is a member of its key management personnel.

Is a shareholder a related party IAS 24?

Major shareholder and his wife are related parties, because they are a person or a close family member of that person (wife) who control the entity A.

What do you mean by related party disclosure?

Indian Accounting Standard 24 requires disclosures to be made by a parent entity regarding its transactions with associates, joint ventures or subsidiaries, collectively referred to as Related party. Hence related party refers to an entity or person that is related to the reporting entity.

What is a related party transaction in HKAS 24?

HKAS 24 (Revised) defines a related party transaction as a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged. Disclosure Requirements for All Entities (1) Name of the following related parties (even if there is no transaction with them):

What does IAS 24 related party disclosures require?

– Disclosure IAS 24 Related Party Disclosures requires disclosures about transactions and outstanding balances with an entity’s related parties.

What are related party disclosures in Hong Kong?

IN1 Hong Kong Accounting Standard 24 Related Party Disclosures(HKAS 24) requires a reporting entity to disclose: (a) transactions with its related parties; and (b) relationships between parents and subsidiaries irrespective of whether there have been transactions between those related parties.

Which is an example of a related party transaction?

HKAS 24 (Revised) defines related party transaction as “a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged”. Example 1

What is related party transaction as per ind as 24? A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged. Who are related parties as per IAS 24? A related party is a person or an entity that…