Dear friend, concept of economic interest financial statement is not there in India till now. It recognises two financial statements : CFS and Individual financial statements. I m reproducing relevant paras of AS 23 to substantiate my answer given above :
1 Accounting Standard (AS) 23, ‘Accounting for Investments in Associates in
Consolidated Financial Statements’, issued by the Council of the Institute of
Chartered Accountants of India, comes into effect in respect of accounting
periods commencing on or after 1-4-2002. An enterprise that presents
consolidated financial statements should account for investments in associates
in the consolidated financial statements in accordance with this Standard.
2 The following is the text of the Accounting Standard.
Objective
The objective of this Statement is to set out principles and procedures for
recognising, in the consolidated financial statements, the effects of the
investments in associates on the financial position and operating results of a
group.
1 Attention is specifically drawn to paragraph 4.3 of the Preface, according to which
Accounting Standards are intended to apply only to items which are material.
2 It is clarified that AS 23 is mandatory if an enterprise presents consolidated financial
statements. In other words, if an enterprise presents consolidated financial
statements, it should account for investments in associates in the consolidated
financial statements in accordance with AS 23 from the date of its coming into
effect, i.e., 1-4-2002 (see ‘The Chartered Accountant’, July 2001, page 95).
Reference may be made to the section titled ‘Announcements of the Council
regarding status of various documents issued by the Institute of Chartered
Accountants of India’ appearing at the beginning of this Compendium for a detailed
discussion on the implications of the mandatory status of an accounting standard.440 AS 23 (issued 2001)
Scope
1. This Statement should be applied in accounting for investments in
associates in the preparation and presentation of consolidated financial
statements by an investor.
2. This Statement does not deal with accounting for investments in
associates in the preparation and presentation of separate financial statements
by an investor.
next lines are not the part of AS 23. It is good that u have IFRS knowledge. u can give us relevant provisions of related IFRS also. It means CCI should capitalise u as an asset.
Regards, CA Shakuntala Chhangani