Consolidation of a Foreign Subsidiary

AS 1510 views 1 replies

Zainul Tawawalla

Audit

101 Points Joined December 2008

Hi,

If a Foreign Subsidiary is consolidated in an Indian parent Company's financial statements, then where is the domestic income of such foreign subsidiary classified in the consolidated financial statements? Export Income or Domestic Income. Also give rerefence to relevant paragraph of AS-21 if possible.

Replies (1)

Kedar Pande

Self Employed

896 Points Joined January 2008

In my opinion, the foreign subsidiary's domestic income will be added to the domestic income in Indian Holding Company, as the consolidation is done on line by line basis.