Consolidatied financial statements

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Sakthi Baskaran (Querist)
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18 October 2016 AS 21 specifies " Only the notes involving items which are material need to be
disclosed. Materiality for this purpose is assessed in relation to the
information contained in consolidated financial statements. In view
of this, it is possible that certain notes which are disclosed in
separate financial statements of a parent or a subsidiary would not
be required to be disclosed in the consolidated financial statements
when the test of materiality is applied in the context of consolidated
financial statements.
Additional statutory information disclosed in separate financial
statements of the subsidiary and/or a parent having no bearing
on the true and fair view of the consolidated financial statements need not be disclosed in the consolidated financial statements.
An illustration of such information in the case of companies is
attached to the Standard." Should notes pertaining to AS 15 be disclosed in consolidated financial statements? In what way does it have a bearing on true and fair view of the consolidated financial statements?

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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19 October 2016 Generally requirements of AS -15 is not disclosed in the financial statement. If there are 10 subsidiaries, the disclosure requirement of AS -15 will be huge and the notes is not material for the presentation of the financial statement.

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