Disclosures to be made

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Anil (Querist)

31 March 2008 A company has entered into various raw material purchase contracts with suppliers for next 5 years. On 31 March 08 it is noticed that the contract value is much higher than the current market prices .

Are there any disclosures to be made in notes to accounts for the FY 2007-08?

If yes, please quote the relevant Accounting Standard.

Thanks

CA Dilip

CA Dilip (Expert)

01 April 2008
Ensure closing stock as on 31.03.2008 are valued at Cost or MP which ever is lower

Disclosure - not sure.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

03 April 2008 Is the contract between interested parties/related parties. Please clarify.

Anil

Anil (Querist)

11 April 2008 Please let me know the disclosure to be made in case of

1)related parties and

2)unrelated parties.

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)

27 May 2008 related : name, nature, amt, bal as of balance sheet date

unrelated : amt, nature

Anil

Anil (Querist)

28 May 2008 Dear Mr.Yayati,

Please let me know which Accounting Standard deals with disclosures in case of UNRELATED party in the above case.

AS 18 deals with ONLY RELATED party disclosures.

Thanks.