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CA Final · Financial Reporting · Ind AS 24 Related Party Disclosures

Vindhya Power Ltd has many small, similar transactions with an associate. The finance head proposes combining them into one figure per category in the notes. Which statement is correct about the Indian Ind AS 24 position and its difference from IAS 24?

Ind AS 24 contains an extra paragraph, 24A, giving clarificatory guidance on aggregating transactions for disclosure. This is an addition compared with IAS 24, so aggregation is addressed explicitly rather than prohibited or left identical to IAS 24.

  1. AInd AS 24 includes an additional paragraph (24A) giving clarificatory guidance on aggregation of transactions for disclosure, which is not in IAS 24Correct
  2. BInd AS 24 prohibits any aggregation of related party transactions
  3. CInd AS 24 is identical to IAS 24 on aggregation and adds nothing
  4. DAggregation is allowed only for transactions with key management personnel

Explanation

The comparison with IAS 24 states that paragraph 24A was included in Ind AS 24 to give additional clarificatory guidance on aggregation of transactions for disclosure. So the claim of a ban or no difference is wrong.

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