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of <h1>AS 18 Requires Disclosure of Related Party Transactions in Financial Statements, Excludes Some Relationships and Government Transactions</h1> The Accounting Standard (AS) 18 on Related Party Disclosures mandates the disclosure of related party relationships and transactions in financial statements. It applies to reporting enterprises and their consolidated financial statements. Related parties include entities with control, significant influence, or common control, such as holding companies, subsidiaries, associates, joint ventures, key management personnel, and their relatives. The standard excludes certain relationships like common directors without policy influence and transactions with government bodies. Disclosures must include the nature of relationships and transactions, transaction volumes, and outstanding balances. Materiality is assessed based on the nature and size of transactions, typically exceeding 10% of total related party transactions.
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