alleryStart learning →A director of R Ltd fully owns entity E. For R Ltd's statements, E is:
ARelated only if E trades
BA subsidiary of R Ltd
CA related party of R Ltd
DUnrelated to R Ltd
Answer & Solution
Correct answer: C. A related party of R Ltd
A director is key management personnel, and an entity controlled by such a person is a related party of the reporting entity.
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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: