Whether rent free accomodation/any other facility provided to Key Management Personnel should be included in related party disclosure. What should be the amount????
Pls reply.....
Thanx
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 25 June 2010
No,
To my mind it should not be disclosed.
Sunil
hemal
(CA FINAL)
(176 Points)
Replied 25 June 2010
Dear mitul
As per AS 18, there is two concept first is control and another is significant influence.
Where there is control then name of the related party is to be disclosed whether there is any transaction or not but in case of significant influence if there is any transcation with related party then it should be disclosed.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
