Gudiance Note for treatment of Losses of subsidiary companies plz send me urgent All.
Kaustuv
(Practicing CA)
(1773 Points)
Replied 15 June 2010
I don't think there is any GN on this subject which deals with accounting treatment to to be accorded to losses of subsidiary accounts. This should be covered by basic principles of consolidation as per AS-21. However, you may refer to GN on Audit of Consolidated Accounts. The file is attached herewith for your easy reference.
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