Consolidation of financial statement
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2015
The company has formed a SPV for the specific project. The listed company has purchased a 51% stake in this company, so that it became the subsidiary of the listed company. Listed company has performed a contract for the subsidiary company an recorded it as is income. And the subsidiary company has recorded it as its expenses, and the whole amount is capitalised in the books of subsidiary.
So that at the time of consolidation inter company transaction should be eliminated while compilation of Financial Statement. mgt content the inter co. transaction shold not be eliminated, while all cost has been capitalised. whether contention of the managment is right or wrong????
So that at the time of consolidation inter company transaction should be eliminated while compilation of Financial Statement. mgt content the inter co. transaction shold not be eliminated, while all cost has been capitalised. whether contention of the managment is right or wrong????
29 May 2015
As per as 21 holding co needs to eliminate the inter compnay transactions.
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2015
What about the applicability of IFRIC 12
29 May 2015
Till fy 14-15 only exisiting AS SHALLbe applicable and not IFRIC.
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