The Standard Stance: Determining ‘Related Party’ and Navigating Related Party Disclosures in Financial Statements Under Ind AS 24
The Accounting Advisory Services (AAS) team at BDO India is pleased to share 'THE STANDARD STANCE' - An expert insight into key accounting matters. Each monthly issue of the publication spotlights and discusses a key accounting matter noteworthy for organisations to stay ahead in their business journeys.
This issue of THE STANDARD STANCE - DETERMINING ‘RELATED PARTY’ AND NAVIGATING RELATED PARTY DISCLOSURES IN FINANCIAL STATEMENTS UNDER IND AS 24 outlines key considerations to comply with the reporting requirements of related party transactions.
In recent years, scrutiny of related party transactions has intensified to prevent conflicts of interest, financial misstatements, and governance failures. This edition of The Standard Stance provides an overview of the requirements of Ind AS 24 ‘Related Party Disclosures’ regarding the identification of related parties. It also includes important considerations for organisations to ensure compliance and mitigate regulatory and reputational risks.
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