Consolidated financial statements
This query is : Resolved
01 November 2017
Dear sir,
we have a joint venture in SriLanka (40%)so we are required to prepare consolidated financial statements in 15-16 F.Y .I have following doubts in preparation of financial statements please clarify these.
a)whether it is required to restate depreciation,gratuity and deferred tax based on rate and policy of parent company
b)is it mandatory to follow proportionate consolidation method?
we have a joint venture in SriLanka (40%)so we are required to prepare consolidated financial statements in 15-16 F.Y .I have following doubts in preparation of financial statements please clarify these.
a)whether it is required to restate depreciation,gratuity and deferred tax based on rate and policy of parent company
b)is it mandatory to follow proportionate consolidation method?
01 November 2017
Pls clarify -
1. Consolidation as per IGAAP or IndAS?
2. Do you have any subsidiary or any other JV ?
1. Consolidation as per IGAAP or IndAS?
2. Do you have any subsidiary or any other JV ?
Message likes :
1 times
01 November 2017
1)consolidation as per section 129(3)of companies act 2013
{for the purposes of this sub-section ,the word "subsidiary "shall includes associate company and joint venture}
2) NO
{for the purposes of this sub-section ,the word "subsidiary "shall includes associate company and joint venture}
2) NO
01 November 2017
Yes...consolidation is mandatory. Under IGAAP, proportionate consolidation to be done and under IndAS only equity accounting is required.. Further, only policies should be same across not accounting estimates. Depreciation is an estimate.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
