07 September 2009
AS 21 & Sec 4 of Companies Act define what is Holding & Subsidiary company respectivly. So a branch is niether a subsidiary nor a joint venture, it is a part and parcel of the head office.We prepare p&l and B/S only to know the profit or loss made by the branch and to know the state of affairs. So AS 21 not apply.
CAclubindia
