Changing ACCOUNTING STANDARDS
This query is : Resolved
03 November 2022
Dear Sir,
Our accounts team had prepared bs in IND -AS last year , but now due to applicability of schedule III they have changed it to AS (CI) . Is it correct? Our xbrl processing person is of the opinion that mostly companies dont change to AS when they have shifted to IND-AS. When the AS & IND AS are applicable. Kindly clarify urgently.
Also that our companies are subsidiary companies but the listed entity has been liquidated.
Our accounts team had prepared bs in IND -AS last year , but now due to applicability of schedule III they have changed it to AS (CI) . Is it correct? Our xbrl processing person is of the opinion that mostly companies dont change to AS when they have shifted to IND-AS. When the AS & IND AS are applicable. Kindly clarify urgently.
Also that our companies are subsidiary companies but the listed entity has been liquidated.
CA R SEETHARAMAN
(Expert)
03 November 2022
Your processing person is right, mostly companies don't change to AS when they have shifted to IND-AS.
In case IND-AS is not applicable in view of holding company dissolved you can switch over to AS.
In case IND-AS is not applicable in view of holding company dissolved you can switch over to AS.
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