Ind AS 24 "Related Party Disclosures" Mr. Y's father owns 100% of the shares in A Ltd. Mr. Y and Mrs. Y own 100% of the shares in B Ltd. Ms. Z who…

(i) Mr. Y's father and Mrs. Y's sister are related parties of B Ltd., if they are 'close family' of either Mr. Y or Mrs. Y. They are close family if they might be expected to influence, or be influenced by, Mr. Y or Mrs. Y in their dealing with B Ltd. Mr. Y's father and Mr. Y and Mrs. Y are 'close family', so Mr. Y's father is a related partly of B Ltd., which is controlled by Mr. Y and Mrs. Y. Mr. Y's father has a controlling interest in A Ltd. A Ltd. is a related party of B Ltd. (ii) Both entities should disclose the necessary details regarding the increase in the loan to 2,00,000 in their financial statements. A Ltd. should also disclose the amounts due to it from B Ltd. on the balance sheet date, together with any provisions and amounts written off. B Ltd. should disclose the amount that it owes to A Ltd. at the balance sheet date alongwith the concessional rate of interest at which the loan was given to B Ltd. (iii) B Ltd. would have to disclose the transactions with Mrs. Y's sister if the sister might be expected to influence, or be influenced by, either Mr. Y or Mrs. Y in their dealings with B Ltd. based on further facts of the case. In case the influence exists, disclosure to be made as per para 18 of Ind AS 24 about the transactions and the outstanding balances.