accounting standards interpretation

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chirag ahuja

chirag ahuja (Querist)
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17 July 2009 whats the meaning of Pt. 7 & 8 in AS-18

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Guest (Expert)

18 July 2009 I think, you r asking about following points :-

7. No disclosure is required in consolidated financial statements in respect of intra-group transactions. - Means, If you have relation like Branch and head office thn in that case you don't need to be diclosure.

8. Disclosure of transactions between members of a group is unnecessary in consolidated financial statements because consolidated financial statements present information about the holding and its subsidiaries as a single reporting enterprise.- Means - If co has holding & Subsd relation thn no need to be show separately members account.