09 November 2012
hi,, can anyone tell me my following query: In case suppose IND AS has already implemented into Indian economy. now suppose US co. having a 100% subsidiary in India. Now at the year end US co. has to consolidate their accounts as per US laws.
my query is whether 100% subsidiary still has to make reconciliation between US GAAP & INDIAN GAAP as US is in the process of implementing IFRS.
09 November 2012
Unless and untill IFRS is implimented fully and country wise seperate GAAP is in custome/use, each and every company will have to prepere its financial statements according to the those country GAAP in which it registered wheter it is holding or wholly subsidiary company.
CAclubindia
