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of <h1>AS 18 Requires Disclosure of Related Party Transactions in Financial Statements, with Specific Exemptions Noted.</h1> Accounting Standard (AS) 18 mandates disclosure of related party relationships and transactions in financial statements. It applies to reporting enterprises and their consolidated statements, focusing on entities under common control, associates, joint ventures, individuals with significant influence, and key management personnel. The standard excludes certain relationships, such as those with common directors or economic dependencies without control. Disclosures must include the nature of relationships, transaction details, and outstanding balances. However, confidentiality obligations or statutory prohibitions may override these requirements. Intra-group transactions in consolidated statements and state-controlled enterprise relationships are exempt from disclosure.
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