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

Which of the following is correctly described as a difference between Ind AS 24 and IAS 24, as given in the comparison appendix?

The correct difference is that Ind AS 24 uses the term balance sheet instead of statement of financial position, and it adds paragraph 24A giving clarificatory guidance on aggregating transactions for disclosure. The other statements reverse terminology or contradict the standard's confidentiality and control-relationship provisions.

  1. AInd AS 24 uses the term 'statement of financial position' while IAS 24 uses 'balance sheet'
  2. BInd AS 24 removes the requirement to disclose related party relationships where control exists
  3. CInd AS 24 uses the term 'balance sheet' instead of 'statement of financial position' and also adds paragraph 24A on aggregation of transactionsCorrect
  4. DInd AS 24 requires disclosure of confidential information despite statutory restrictions

Explanation

The comparison appendix notes that Ind AS 24 uses 'balance sheet' instead of 'statement of financial position', and that paragraph 24A has been added to give guidance on aggregation. The first option reverses the terminology. Control-relationship disclosure is retained, with paragraph 14 modified for rationale. Confidential information conflicting with statute need not be disclosed.

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