Accounts of Subsidiary

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Mandar (Querist)
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20 March 2010 If An Indian co. having subsidiary outside India, e.g. In USA, while consolidating is it necessary to convert the subsidiary accounts from US GAAP to IGAAP & get audited in India again,Please also let me know the necessary documentation.....

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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21 March 2010 You need not get it audited again. The same will be conolidated in the consoldation accounts which should be audited.

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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21 March 2010 Agree not require to audit again.

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Mandar

Mandar (Querist)
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22 March 2010 Thanks for the replay

can you explain little more on...

Do I need to convert the Foreign subsidairy accounts say of US GAAP to Indian accounting standards?

Is there anything written regarding the same in the Accounting Standards?

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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23 March 2010 You have to convert balance sheet and profit and loss account to Indian Rupees based on AS-11 .