Partnership firm acquisition by limited company

selim (Manager (Finance) ) (62 Points)

25 October 2012  

Dear friends,

Need info please. My company is a limited company. My company has acquired 98% shares of a partnership firm. Now as per IAS/IFRS, is it mandatory include/consolidate accounts of the partnership firm in my company books. I am confused as the nature of both businesses is not same. One is partnership and another is limited company.

Will be glad if anyone clarify. Thanks in advance.