{"id":24195,"date":"2021-12-12T18:00:01","date_gmt":"2021-12-12T18:00:01","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=24195"},"modified":"2021-12-07T12:17:55","modified_gmt":"2021-12-07T12:17:55","slug":"as-18","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/as-18\/","title":{"rendered":"AS 18 \u2013 Related Party Disclosures"},"content":{"rendered":"<p><strong>This AS 18 defines disclosure criteria for:<\/strong><\/p>\n<ol>\n<li>Related party relationships; and<\/li>\n<li>Transactions between a reporting entity and its related parties.<\/li>\n<\/ol>\n<p>This Standard applies to the financial statements of each reporting enterprise as well as the consolidated financial statements of a holding company.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/as-18\/#What_is_the_meaning_of_a_Related_Party\" title=\"What is the meaning of a Related Party?\">What is the meaning of a Related Party?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/as-18\/#Who_is_covered_under_Related_party_relationships\" title=\"Who is covered under Related party relationships?\">Who is covered under Related party relationships?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/as-18\/#Why_do_we_need_Related_party_disclosures\" title=\"Why do we need Related party disclosures?\">Why do we need Related party disclosures?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalraasta.com\/blog\/as-18\/#What_needs_to_be_disclosed_under_AS_18\" title=\"What needs to be disclosed under AS 18\">What needs to be disclosed under AS 18<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalraasta.com\/blog\/as-18\/#Cases_when_disclosure_is_not_required\" title=\"Cases when disclosure is not required\">Cases when disclosure is not required<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalraasta.com\/blog\/as-18\/#Examples_of_Related_party_transactions\" title=\"Examples of Related party transactions\">Examples of Related party transactions<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.legalraasta.com\/blog\/as-18\/#Case_studies_on_AS_18\" title=\"Case studies on AS 18\">Case studies on AS 18<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.legalraasta.com\/blog\/as-18\/#Comparison_between_AS_18_and_Ind_AS_24\" title=\"Comparison\u00a0between AS 18 and Ind AS 24\">Comparison\u00a0between AS 18 and Ind AS 24<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_meaning_of_a_Related_Party\"><\/span><strong>What is the meaning of a Related Party?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to AS 18, a related party is defined as &#8220;one-party having the potential to:<\/p>\n<ul>\n<li>Control* the other party<\/li>\n<li>Exercise significant influence over the other party in making financial and\/or operating decisions at any time throughout the year.&#8221; Control entails<\/li>\n<li>Control of the composition of the board of directors in the event of a corporation, whether direct or indirect ownership of more than 50% of the voting power of the corporation. Control of the makeup of the governing body in the event of any other organization<\/li>\n<li>Significant interest in voting power and the ability to dictate the enterprise&#8217;s financial and\/or operating policies<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Who_is_covered_under_Related_party_relationships\"><\/span><strong>Who is covered under Related party relationships?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Holding companies, subsidiaries, and sister companies;<\/li>\n<li>The reporting company&#8217;s associates and joint ventures;<\/li>\n<li>Investors in reporting enterprises that are associates or joint ventures;<\/li>\n<li>Individuals with a direct or indirect interest in the reporting enterprise&#8217;s voting power, which provides them control or considerable influence over the company, and relatives of such individuals;<\/li>\n<li>His relatives and key managerial people; and<\/li>\n<li>Businesses in which anyone who is senior management personnel or has a direct or indirect interest in voting power can have a substantial impact.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_do_we_need_Related_party_disclosures\"><\/span><strong>Why do we need Related party disclosures?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Statutory requirements:<\/strong> Often, the regulations governing a company require related party transactions to be disclosed in the financial statements.<\/li>\n<li><strong>To indicate the fact that the transaction might not be at arm&#8217;s length:<\/strong> There is a widespread presumption that transactions shown in the financial statements are on an arm&#8217;s length basis without related party disclosures, i.e. the transaction happens between two unconnected parties and is unaffected by any relationship.<\/li>\n<li><strong>Financial position and operating performance:<\/strong> Even if no related party transactions take place, a related party connection can have an impact on an enterprise&#8217;s operating results and financial situation. The sheer presence of the relationship may be enough to influence the reporting company&#8217;s dealings with third parties.<\/li>\n<li><strong>Keeping track of all potential transactions:<\/strong> Transactions between related parties must be declared because, in some cases, transactions would not have occurred if the related party relationship had not existed.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_needs_to_be_disclosed_under_AS_18\"><\/span><strong>What needs to be disclosed under AS 18<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The following information should be disclosed by the reporting company:<\/li>\n<li>The transacting connected party&#8217;s name;<\/li>\n<li>A description of the two parties&#8217; relationship;<\/li>\n<li>A description of the transactions&#8217; nature;<\/li>\n<li>Transaction volume expressed as a dollar amount or a percentage of the total;<\/li>\n<li>Any features of related party transactions that are required for the financial statements to be understood;<\/li>\n<li>At the balance sheet date, there was an outstanding amount from linked parties;<\/li>\n<li>At the balance sheet date, provisions for doubtful debts due from linked parties; and<\/li>\n<li>Debts payable from or to connected parties that have been written off or written back.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Cases_when_disclosure_is_not_required\"><\/span><strong>Cases when disclosure is not required<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Intra-group transactions<\/li>\n<li>Firms subject to statutory secrecy requirements<\/li>\n<li>State-controlled enterprises&#8217; related party ties with other state-controlled enterprises<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Examples_of_Related_party_transactions\"><\/span><strong>Examples of Related party transactions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The following are examples of related party transactions for which a reporting enterprise may make disclosures:<\/p>\n<ul>\n<li>Rendering or receiving services;<\/li>\n<li>Agency arrangements;<\/li>\n<li>Leasing or hire purchase arrangements;<\/li>\n<li>Transfer of research and development;<\/li>\n<li>license agreements;<\/li>\n<li>Finance (including loans and equity contributions in cash or in-kind);<\/li>\n<li>Guarantees and collaterals; and<\/li>\n<li>Management contracts, including deputation of employees.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Case_studies_on_AS_18\"><\/span><strong>Case studies on AS 18<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Case Study 1:<\/strong>\u00a0For ABC Ltd.<\/p>\n<table width=\"834\">\n<tbody>\n<tr>\n<td><strong>Transactions<\/strong><\/td>\n<td><strong>Amount (in Rs.)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Sales to XYZ Ltd., a subsidiary<\/td>\n<td>2,00,000<\/td>\n<\/tr>\n<tr>\n<td>Sales to PQR Ltd., a subsidiary<\/td>\n<td>3,00,000<\/td>\n<\/tr>\n<tr>\n<td>Purchase from DEF Ltd., a subsidiary<\/td>\n<td>6,00,000<\/td>\n<\/tr>\n<tr>\n<td>Purchase from LMN Ltd., a joint venture<\/td>\n<td>1,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Solution<\/strong>: Disclosure required as per AS 18<\/p>\n<table width=\"834\">\n<tbody>\n<tr>\n<td><strong>Transactions<\/strong><\/td>\n<td><strong>Amount (in Rs.)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Sales to subsidiaries<\/td>\n<td>5,00,000<\/td>\n<\/tr>\n<tr>\n<td>Purchase from Subsidiaries<\/td>\n<td>6,00,000<\/td>\n<\/tr>\n<tr>\n<td>Purchase from joint venture companies<\/td>\n<td>1,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Case Study 2:<\/strong>\u00a0A Ltd has 75% of the voting power in B Ltd, while B Ltd owns 50% of the voting power in C Ltd. Furthermore, A Ltd owns a quarter of the voting stock of C Ltd. Would A Ltd be deemed to have control over C Ltd, or would it merely have substantial influence?<\/p>\n<p><strong>Solution<\/strong>: C Ltd is regarded to be under the control of A Ltd. According to AS 18, control is defined as having direct or indirect ownership of more than 50% of a company&#8217;s voting power. An Ltd has power over B Ltd because it is a dominant stakeholder.<\/p>\n<p>Furthermore, A Ltd and B Ltd are the dominant shareholders of C Ltd (50 percent + 25 percent). It is under the control of A Ltd in an indirect manner. As a result, apart from its individual shareholding in C Ltd, A Ltd has the potential to control C Ltd indirectly through its share ownership in B Ltd.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Comparison_between_AS_18_and_Ind_AS_24\"><\/span><strong>Comparison\u00a0between AS 18 and Ind AS 24<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table width=\"834\">\n<tbody>\n<tr>\n<td><strong>Particulars<\/strong><\/td>\n<td><strong>AS 18<\/strong><\/td>\n<td><strong>Ind AS 24<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Relationship between related parties is defined as<\/td>\n<td>The term &#8220;relatives of an individual&#8221; are used.<\/td>\n<td>It utilizes the phrase &#8220;a close family member of that person.&#8221;<\/td>\n<\/tr>\n<tr>\n<td>State-owned businesses are defined as:<\/td>\n<td>It is a business that is controlled by the federal government and\/or a state government (s)<\/td>\n<td>Government Enterprises are covered in-depth, as it defines a government-related entity as one that is controlled, jointly controlled, or significantly influenced by the government.<\/td>\n<\/tr>\n<tr>\n<td>Key Management Personnel Coverage in Related Party Relationships<\/td>\n<td>The existing AS 18 exclusively covers the entity&#8217;s key management personnel.<\/td>\n<td>Ind AS 24 also protects the parent&#8217;s senior management personnel.<\/td>\n<\/tr>\n<tr>\n<td>As related parties, entities that are post-employment benefit plans are covered.<\/td>\n<td>As related parties, AS 18 does not specifically cover businesses that are post-employment benefit plans.<\/td>\n<td>Post-employment benefit plans for the benefit of workers of an entity or a related entity as related parties are particularly covered by Ind AS 24.<\/td>\n<\/tr>\n<tr>\n<td>Government-affiliated entities disclosing information<\/td>\n<td>Currently, AS 18 exempts such material from dissemination.<\/td>\n<td>Ind AS 24 mandates government-affiliated entities to disclose certain information.<\/td>\n<\/tr>\n<tr>\n<td>The volume of Transactions Transparency<\/td>\n<td>Existing AS 18 allows the &#8220;Volume of the transactions, either as a quantity or as an appropriate proportion&#8221; to be disclosed.<\/td>\n<td>According to Ind AS 24, &#8220;the amount of the transactions&#8221; must be stated.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<blockquote><p><strong>Related Blogs:<\/strong><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/ind-as-115\/\">Ind AS 115 : Revenue From Contracts With Customers<\/a><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/as-3-cash-flow-statements\/\">AS 3 \u2013 Cash Flow Statements<\/a><\/p>\n<p><a href=\"https:\/\/www.legalraasta.com\/blog\/as-2-valuation-of-inventories\/\">AS 2 \u2013 Valuation of Inventories: Definition, Method, and Benefits<\/a><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This AS 18 defines disclosure criteria for: Related party relationships; and Transactions between a reporting entity and its related parties. This Standard applies to the financial statements of each reporting enterprise as well as the consolidated financial statements of a holding company. What is the meaning of a Related Party? According to AS 18, a related [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":24606,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[2057,4772,4771],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AS 18 \u2013 Related Party Disclosures | Accounting Standard 18<\/title>\n<meta name=\"description\" content=\"Currently, AS 18 exempts such material from dissemination. 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