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Outline Of Accounting Standards: AS-18

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Outline Of Accounting Standards: AS-18
 Accounting Standards-18 (AS-18): AS-18 deals with disclosure requirements in the Financial Statements in respect of the transaction with Related Party.
As per AS-18, “Parties are considered to be related if at any time during the reporting period one party has the ability to control the other party or exercise significant influence over the other party in making financial and/or operating decisions” and Related Party transaction means “a transfer of resources or obligations between related parties, regardless of whether or not a price is charged.”
Under AS-18, following entities are treated as Related Party:
• Holding Companies, subsidiaries and fellow subsidiaries
• Associates and joint ventures
• Individuals (incl. their relatives) – having
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