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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Tds on commission charges
- Fixe term employment
- GST ITC REVERSE
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Withdrawal in cash from partners capital account by partner
- Section 50-fixed asset-->building ceases to exist
- Consolidated financials
- Regarding Applicability of Tax Audit u/s 44AB
- TDS on TRUST
- Renovation exp. in flat by family member
- Starting trading business
- Need Professional Opinion AY 2012-13 Old Demand
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
ARTICLESHIP
07 September 2026
CA Articles
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
CCI
Pro
CAclubindia
