Consolidation of accounts

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 January 2014 Dear Learned Members, One of our registered office is located in Hong Kong and its subsidiary is in Indonesia (Honkong being investing company in Indonesia company) now while closing the books of accounts they want us to consolidate the financials and present for the subsidary and Corporate office. Since these two are under different currencies please guide how to consolidate and take it in one currency. Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 January 2014 dear friend,

you need to consolidate as per accounting norms for foreign currency translations as per the accounting rules of Honkong/Indonesia...

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