Question ID :
37974
CONSOLIDATED FINANCIAL STATEMENTS
Indian Public Limited Company maintaining Financial Statements as per OLD AS; and its Subsidiary Company is maintaining Financial Statement as per Ind-AS (Due to Joint Venture Company requirements-Ind AS applicable to JV Company). How Consolidation will be done in this case.
Posted by
PANKAJ SHARMA
on
Feb 12, 2019
Filed Under
IFRS
The Joint Venture company has to prepare an OLD AS compliant financial statements and after auditing by the statutory auditors of the of JV company it will be handed over to the holding company and holding company will do consolidation complying the principles of relevant accounting standard (Hope it is AS-21) for consolidation.
Posted by
CA. JHA SHANKAR KUMAR on
Feb 13, 2019