Meaning of Standalone Financial Statements
Madhusudhan Reddy (ca final) (55 Points)
03 December 2017Could any one describe the meaning of words Standalone & accompanying used wrt Financial Statements
Madhusudhan Reddy (ca final) (55 Points)
03 December 2017
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 05 January 2018
CA Amrita Chattopadhyay
(Audit & Assurance)
(13349 Points)
Replied 08 January 2018
If a company has got subsidiary, as per AS 21 the company has to prepare consolidated financial statement. Thus, the financial statement of only Holding company is termed as Standalone financial statement. In the case the company has got associated and Joint Venture, the respective financial statement is termed as accompanying financial statement
Madhusudhan Reddy
(ca final)
(55 Points)
Replied 08 January 2018
CA Amrita Chattopadhyay
(Audit & Assurance)
(13349 Points)
Replied 09 January 2018
Accompanying standalone financial statement means that there is also consolidated financial statement. To distinguish between the two financial statement, the term accompanying standalone financial statements is mentioned.
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