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Sale of fixed assets to subsidiary effect in consolidation

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(Querist)
20 January 2010 In case of sale of fixed assets to subsidiary
whether we can realise the profit on sale of fixed assets? My view is that any unrealised gain or loss on intragroup transactions are to be eliminated for consolidation purpose.
Let me correct if i am wrong. If i am correct please substantiate my answer with para no. in IAS 27 or any other reference.

Expecting your reply eagerly
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shakuntala chhangani

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shakuntala chhangani (Expert)
20 January 2010 Hi Vishwanath, you r absolutely right as far as unrealised profit is concerned. But if it is unrealised loss then it should be eliminated if recoverable amount(as per AS 28) is more than the cost of the transaction.It is given under AS 21. Regards, CA Shakuntala Chhangani
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