You need to review the applicable guidance for each one of your subs (FAS 52 under the old naming convention).
Consolidated financial statements: the financial statements of a group presented as those of a single economic entity.
Subsidiary: an entity, including an unincorporated entity such as a partnership, that is controlled by another entity (known as the parent).
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IAS 27 Consolidated and Separate Financial Statements outlines when an entity must consolidate another entity, how to account for a change in ownership interest, how to prepare separate financial statements, and related disclosures.
However, if it is the former case, this amendment can also be abused by creating an non operational subsidiary, say in Nepal or Sri Lanka, to avail this exemption.