Sale of fixed assets to subsidiary effect in consolidation
This query is : Resolved
20 January 2010
In case of sale of fixed assets to subsidiary
whether we can realise the profit on sale of fixed assets? My view is that any unrealised gain or loss on intragroup transactions are to be eliminated for consolidation purpose.
Let me correct if i am wrong. If i am correct please substantiate my answer with para no. in IAS 27 or any other reference.
Expecting your reply eagerly
whether we can realise the profit on sale of fixed assets? My view is that any unrealised gain or loss on intragroup transactions are to be eliminated for consolidation purpose.
Let me correct if i am wrong. If i am correct please substantiate my answer with para no. in IAS 27 or any other reference.
Expecting your reply eagerly
20 January 2010
Hi Vishwanath, you r absolutely right as far as unrealised profit is concerned. But if it is unrealised loss then it should be eliminated if recoverable amount(as per AS 28) is more than the cost of the transaction.It is given under AS 21. Regards, CA Shakuntala Chhangani
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Import license renewal
- Inventory of finished goods
- 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
Trending Online Classes
CAclubindia
