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Accounting standard

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(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.
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CA LLB Shailendra Kumar Lal

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CA LLB Shailendra Kumar Lal (Expert)
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.
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badal kansal

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badal kansal (Querist)
10 November 2012 thank you
shailendra kumar lal.

hoping you will also solve my further querries.
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