Dear all,
We have a subsidiary company in which we hold 51% stake. In spite of being majority stakeholder, all these years we were not consolidating the accounts, on the ground that, we don't exercise control over the day to day affairs of the subsidiary and used to account under "equity" method. Now, our Management has decided to consolidate the account.s. But the issue is that, we, the Holding Company's accounting year is Jan-Dec and that our subsidiary's is Feb to Jan. Before consolidation, our Investment in subsidiay shows USD. 22 millions. Kindly suggest the steps to be taken for Consolidating when there is a period difference in the accounting year. Kindly quote the relevant IFRS/Indian Accounting Standard.
Thanks & regards,
Srini,
Kingdom of Bahrain.
CAclubindia
