My doubt is regarding recognising a Contingent Asset i.e Dividend Income from a Subsidiary. Suppose for FY 10-11, Y Ltd (Subsidiary of X Ltd) declares dividend on May 30th, 2011. By then the Audit of X Ltd was not over. Can X Ltd recognise the Dividend Income from Y Ltd in FY 10-11 itself?????
07 June 2011
AS-4 is not applicable in your case because as on 31.3.2011 Event is not exist ans as per AS-09 in case of Dividend income Should be recognized when dividend declared by the declaring company.
CAclubindia
