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Applicability of AS - 21

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(Querist)
30 July 2009 A Central PSU (Miniratna) has one fully owned subsidiary. but it never prepares Consolidated Financial Statement with the logic that it is not listed. is that logic tenable?
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Abhishek Mohta

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Abhishek Mohta (Expert)
30 July 2009 It is clarified that AS 21 is mandatory if an enterprise presents consolidated financial statements. In other words, the accounting standard does not mandate an enterprise to present consolidated financial statements but, if the enterprise presents consolidated financial statements for complying with the requirements of any statute or otherwise, it should prepare and present consolidated financial statements in accordance with AS 21.

However, as per SEBI all lsited companies should prepare cosnolidated financial statement thus it becomes mandatory for them to follow AS - 21.

So the central PSU can happily avoid preparing consolidated accounts.
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