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Meaning of Standalone Financial Statements

Madhusudhan Reddy (ca final) (55 Points)

03 December 2017

Dear all,

Could any one describe the meaning of words Standalone & accompanying used wrt Financial Statements

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Rishi Mehta (Ur friend ) (1533 Points)
Replied 05 January 2018

when Financial statement do not compromise the financial statement of subsidiary, then the financial statement so prepared is termed as standalone Financial statement.

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CA Amrita Chattopadhyay (Audit & Assurance) (13459 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

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Madhusudhan Reddy (ca final) (55 Points)
Replied 08 January 2018

Thanks for reply,
We have audited the accompanying standalone financial statements ofReliance Industries Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Profit and Loss Statement, the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory ...".In this it is mentioned that accompanying standalone financial statements .Please explain what does it means..

CA Amrita Chattopadhyay (Audit & Assurance) (13459 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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