Hello

Section 188 of the Companies Act instructs to report related party transaction in the format specified named as AOC-2. Schedule III specifies the details which have to be mentioned about the related party transaction in the balance sheet

AS_18_(1).pdf

INDAS24.pdf

GN_on_Sch_III-Division-II.pdf

Refer above documenst for AS-18 disclosures

Dear Sir,

Greetings!!

there are two specific provisions which deals with realted party transaction disclosure, these are

section 188 under which you have to give disclosure of transactions which are mentioned in sub section 1 in format AOC-2 which is to be attached to form AOC-4 as mandatory attachment,

As per AS-18 read with schedule III of companies Act 2013

disclosure of related party transactions is madatory, should be under seperate heading in notes to accounts and following disclosures are to be    made:

If there have been transactions between related parties, during the existence of a related party relationship, the reporting enterprise should disclose the following:

(i) the name of the transacting related party;

(ii) a description of the relationship between the parties;

(iii) a description of the nature of transactions; 280 AS 18

(iv) volume of the transactions either as an amount or as an appropriate proportion;

(v) any other elements of the related party transactions necessary for an understanding of the financial statements;

(vi) the amounts or appropriate proportions of outstanding items pertaining to related parties at the balance sheet date and provisions for doubtful debts due from such parties at that date; and

(vii) amounts written off or written back in the period in respect of debts due from or to related parties.

hope it helps 

Thank you