CA Final relatedpartydisclosures — practice questions
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Practice CA Final relatedpartydisclosures in the app →The objective of Ind AS 24 is to ensure that financial statements draw users' attention to which of the followWhich of the following pairs is NOT a related party of the reporting entity under Ind AS 24?Under Ind AS 24, a "close member of the family of a person" includes all of the following EXCEPT:A Ltd. controls B Ltd. B Ltd. has an associate AC Ltd. From A Ltd.'s perspective, is AC Ltd. a related party?Mr. X holds 51% in A Ltd. He is also a non-executive director of B Ltd. and has no other interest in B Ltd. UnWhich disclosure under Ind AS 24 is required EVEN IF there are no related-party transactions during the reportUnder Ind AS 24, an entity may aggregate related-party transactions of a similar nature for disclosure UNLESS:Government G owns 75% of Entity A, a utility company. Entity A sold a plot of land for ₹50 lakhs to another utMr. A controls A Ltd. (the reporting entity). He has only significant influence over B Ltd. Mrs. A (his spouseUnder Ind AS 24, which of the following pairs are NOT related parties merely by the relationship stated?Under the partial-exemption provision in para 25 of Ind AS 24, a government-related entity is exempt from discR Ltd. has an associate B Ltd. B Ltd. has a subsidiary S Ltd., a joint venture J Ltd. and an associate A Ltd. XYZ Ltd. supplied goods worth ₹8 lakhs to ABC Ltd. between 1 April and 31 May 20X1. On 1 June 20X1, Mrs. P (wiMr. Atul is an independent director of X Ltd. and received a sitting fee of ₹2 lakhs per meeting for 5 Board mPower Ltd. acquired 100% of Transmission Ltd. on 15 July 20X1 and disposed of the entire stake on 21 March 20X