Changing ACCOUNTING STANDARDS
This query is : Resolved
03 November 2022
Dear Sir,
Our accounts team had prepared bs in IND -AS last year , but now due to applicability of schedule III they have changed it to AS (CI) . Is it correct? Our xbrl processing person is of the opinion that mostly companies dont change to AS when they have shifted to IND-AS. When the AS & IND AS are applicable. Kindly clarify urgently.
Also that our companies are subsidiary companies but the listed entity has been liquidated.
Our accounts team had prepared bs in IND -AS last year , but now due to applicability of schedule III they have changed it to AS (CI) . Is it correct? Our xbrl processing person is of the opinion that mostly companies dont change to AS when they have shifted to IND-AS. When the AS & IND AS are applicable. Kindly clarify urgently.
Also that our companies are subsidiary companies but the listed entity has been liquidated.
03 November 2022
Your processing person is right, mostly companies don't change to AS when they have shifted to IND-AS.
In case IND-AS is not applicable in view of holding company dissolved you can switch over to AS.
In case IND-AS is not applicable in view of holding company dissolved you can switch over to AS.
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