Accounts of Subsidiary
This query is : Resolved
20 March 2010
If An Indian co. having subsidiary outside India, e.g. In USA, while consolidating is it necessary to convert the subsidiary accounts from US GAAP to IGAAP & get audited in India again,Please also let me know the necessary documentation.....
CA. B.SRINIVASULU
(Expert)
21 March 2010
You need not get it audited again. The same will be conolidated in the consoldation accounts which should be audited.
CA CHINTAN AJMERA
(Expert)
21 March 2010
Agree not require to audit again.
22 March 2010
Thanks for the replay
can you explain little more on...
Do I need to convert the Foreign subsidairy accounts say of US GAAP to Indian accounting standards?
Is there anything written regarding the same in the Accounting Standards?
can you explain little more on...
Do I need to convert the Foreign subsidairy accounts say of US GAAP to Indian accounting standards?
Is there anything written regarding the same in the Accounting Standards?
CA. B.SRINIVASULU
(Expert)
23 March 2010
You have to convert balance sheet and profit and loss account to Indian Rupees based on AS-11 .
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