Is it compulsory to consolidate the accounts of a unit maintained & run by a charitable trust with the trust accounts ?
or we can just prepare and attach the Annual Accounts of the unit with the Trust's Annual Accounts ?
Please reply
CA Nilesh Sodhani (CA) (411 Points)
12 December 2009Is it compulsory to consolidate the accounts of a unit maintained & run by a charitable trust with the trust accounts ?
or we can just prepare and attach the Annual Accounts of the unit with the Trust's Annual Accounts ?
Please reply
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 12 December 2009
If it is a unit of the trust and not a distinct trust, then the accounts need to be consolidated compulsarily. Only attaching the Final Accounts wont suffice.
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