alleryStart learning →Ind AS 24 adds which relatives, unlike IAS 24?
ACousins, nephews, nieces
BBrother, sister, father, mother
CUncles, aunts and cousins
DGrandparents and in-laws
Answer & Solution
Correct answer: B. Brother, sister, father, mother
The Indian standard amends the close family definition to expressly include brother, sister, father and mother as persons likely to influence or be influenced.
Keep practising Ind AS 24 Related Party Disclosures and Ind AS 108 Operating Segments
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Related questions
The core principle of Ind AS 108 is to help users evaluate the:Where equity-method investments sit in segment assets, the entity discloses:Which item is disclosed if in the decision maker's profit measure?Entities known to be under common control are treated, for major customers, as:Geographical non-current assets exclude:Geographical revenue must be shown for the country of domicile and:Which revenue must be reported for each product or service group?Entity-wide disclosures in paragraphs 32 to 34 apply to: