Accounting standard
This query is : Resolved
badal kansal
(Querist)
09 November 2012
hi,,
can anyone tell me my following query:
In case suppose IND AS has already implemented into Indian economy.
now suppose US co. having a 100% subsidiary in India. Now at the year end US co. has to consolidate their accounts as per US laws.
my query is whether 100% subsidiary still has to make reconciliation between US GAAP & INDIAN GAAP as US is in the process of implementing IFRS.
can anyone tell me my following query:
In case suppose IND AS has already implemented into Indian economy.
now suppose US co. having a 100% subsidiary in India. Now at the year end US co. has to consolidate their accounts as per US laws.
my query is whether 100% subsidiary still has to make reconciliation between US GAAP & INDIAN GAAP as US is in the process of implementing IFRS.
09 November 2012
Unless and untill IFRS is implimented fully and country wise seperate GAAP is in custome/use, each and every company will have to prepere its financial statements according to the those country GAAP in which it registered wheter it is holding or wholly subsidiary company.
badal kansal
(Querist)
10 November 2012
thank you
shailendra kumar lal.
hoping you will also solve my further querries.
shailendra kumar lal.
hoping you will also solve my further querries.
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