accounting statndard 18 applicability

This query is : Resolved

CS Shailesh Indapurkar (Querist)
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26 October 2008 One urgent query

The new company law forms form 23 AC and 23 ACA requires company to give related party transactions as per AS 18 with respect to capital related transactions and revenue related transactions.

Pl let me know whether AS 18 is compulsory to all the companies? Some companies are giving details in notes to accounts.

Ankit Dangayach

Ankit Dangayach (Expert)
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26 October 2008 Disclosure under AS-18 is mandatory for all companies .However companies which fall under Level II & III enjoy some exemptions regarding disclosure requirements.

CS Shailesh Indapurkar

CS Shailesh Indapurkar (Querist)
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26 October 2008 I just visited ICAI site and downloaded AS 18 and also visited MCA site and downloaded AS 18. Both are different. But as per MCA site AS 18 it looks recent one and it is applicable to all companies.

Thanks

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SUBRAMANIA SARMA G

SUBRAMANIA SARMA G (Expert)
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26 October 2008 Please note that the accounting standards prescribed by the Government [MCA] under section 211(3C) of the companies Act is mandatory for all companies unless certain exemptions are given in the said standards for small and medium enterprises. Hence all companies irrespective of the size has to comply with the accounting standard AS 18. It is to be further noticed that the standards which were issued by ICAI is no longer applicable for companies