Regarding IndAS Applicability

This discussion seeks to clarify the applicability of Indian Accounting Standards (IndAS) for Company F, a wholly-owned subsidiary of Company M. Company M is an NBFC with a net worth of Rs 50 Crores and follows Accounting Standards (AS), while its parent, Company P, is a listed company that adheres to IndAS. The core question is whether Company F should prepare its financial statements under IndAS or AS, considering the differing accounting standards followed by its immediate parent and ultimate parent.