As21 consolidation of financial statements format

This query is : Resolved

Heta (Querist)
Follow

22 July 2014 Can anybody please share the format (blank) for preparation of consolidated financial statements as per AS21

Heta

Heta (Querist)
Follow

22 July 2014 Can anybody please share the format (blank) for preparation of consolidated financial statements as per AS21

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
Follow

14 July 2024 Certainly! Here's a simplified format for preparing consolidated financial statements as per AS 21 (Consolidated Financial Statements):

### Format for Consolidated Financial Statements

#### 1. Consolidated Balance Sheet

| **Assets** | Parent Co. | Subsidiary Co. | Eliminations | Consolidated |
|----------------------------------------|------------|----------------|--------------|--------------|
| Current Assets | | | | |
| Non-Current Assets | | | | |
| Investments in Subsidiaries | | | | |
| Goodwill and Other Intangible Assets | | | | |
| Total Assets | | | | |

| **Liabilities and Equity** | Parent Co. | Subsidiary Co. | Eliminations | Consolidated |
|----------------------------------------|------------|----------------|--------------|--------------|
| Current Liabilities | | | | |
| Non-Current Liabilities | | | | |
| Equity | | | | |
| Minority Interest | | | | |
| Total Liabilities and Equity | | | | |

#### 2. Consolidated Statement of Profit and Loss

| **Revenue** | Parent Co. | Subsidiary Co. | Eliminations | Consolidated |
|----------------------------------------|------------|----------------|--------------|--------------|
| Sales Revenue | | | | |
| Other Operating Income | | | | |
| Total Revenue | | | | |

| **Expenses** | Parent Co. | Subsidiary Co. | Eliminations | Consolidated |
|----------------------------------------|------------|----------------|--------------|--------------|
| Cost of Goods Sold | | | | |
| Operating Expenses | | | | |
| Depreciation and Amortization | | | | |
| Finance Costs | | | | |
| Other Expenses | | | | |
| Total Expenses | | | | |

| **Profit Before Tax** | | | | |

| **Tax Expense** | | | | |

| **Profit After Tax** | | | | |

#### 3. Notes to the Consolidated Financial Statements

- Provide detailed explanations and breakdowns of significant accounting policies, adjustments made for intra-group transactions, minority interests, and any other relevant information required for transparency and compliance with accounting standards.

### Important Considerations

- **Eliminations:** Include a column or section in the format to show eliminations of intra-group transactions, such as sales between parent and subsidiary companies, to avoid double-counting revenues and expenses.

- **Minority Interests:** Clearly indicate the portion of net assets and profits attributable to minority shareholders in subsidiaries.

- **Goodwill and Intangible Assets:** Include disclosures regarding the recognition and measurement of goodwill and other intangible assets acquired in business combinations.

### Conclusion

Using this format, you can prepare consolidated financial statements in accordance with AS 21, ensuring that all relevant information is properly presented and disclosed for stakeholders' understanding and decision-making purposes. Always ensure to consult with accounting professionals or refer to the latest accounting standards and guidelines for any updates or specific requirements.

Upgrade to CAclubindia Pro. Subscribe Now!