alleryStart learning →A state-controlled firm deals with another firm under the same state:
AMust restate prior years
BExempt from para 18 details
CBarred from disclosing
DMust give full para 18 details
Answer & Solution
Correct answer: B. Exempt from para 18 details
A reporting entity may skip the detailed paragraph 18 disclosures for transactions with the controlling government and with other entities under that same government, but must give lighter disclosures.
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: