A Person X holds 90% of shares in a company X and is also a partner in a Firm Y and LLP Z. Should any of the entity prepare CFS as per AS and IND AS?
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Consolidated financial statements
Replies (2)
Since none of these companies/entities can be called as subsidiary/JV/Associate, there should be no requirement to prepare CFS.
Regards,
Rajeev Bhargav
rajeev @ rbhargav.com
C F/s is only prepared for companies which has holding shares with it's subsidiaries...
as in the case u given...it is not necessary to prepare F/s of partnership and llp...
But as per AS-18 Related Party Disclosure...such Person Mr.X and the Company X are related and their firm Y and llp Z are also related.
as in the case u given...it is not necessary to prepare F/s of partnership and llp...
But as per AS-18 Related Party Disclosure...such Person Mr.X and the Company X are related and their firm Y and llp Z are also related.
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