Consolidated Financial Statements

Companies act no where specifies about Consolidation of Financial Statements.

As said by you due to the SEBI guidelines the listed companies prepare CFS.

SEBI guidelines are not generally applicable to Private Limited companies and other unlisted companies so AS 21 does not apply. AS 13 has to followed for valuing investments.

Thank you Mr.Praveen.

I already know whatever you said. I also could find this kind of details anywhere and hence asked if anyone can quote me the exact law, act or guidance note or any other authorised source from where it can be found..

Anyway thanks.

But if someone can give me a specific answer, it will be very useful.

Regards,

Manisha

exactly thats what i am trying to say there is nothing specific stated

thanks

regarding AS-23

BRIGHT Ltd. Acquired 30% of East India Ltd. Shares for Rs. 2,00,000 on 01-06-09. By such an acquisition Bright can excise significant influence over East India Ltd. During the financial year ending on 31-03-09 East India earned profits Rs. 80,000 and declared a dividend of Rs. 50,000 on 12-08-2009. East India reported earnings of Rs. 3,00,000 for the financial year 31-03-2010 and declared dividend of rs. 60,000 on 12-06-2010

Calculate the carrying amount of investment in Consolidated financial statement of Bright Ltd. As on 31-03-2010

Can anyone pls solve ???? its very urgent ????

Kindly see bottom note to AS 21 at page 2 of both MCA and CA AS 21 it clearly says as follows:

Some of the firms out there that provide advice on preparing parts of the annual and consolidated financial statements for publication and advise on the presentation of the financial statements to credit institutions or other recipients.

financial statements