Procedures consolidating foreign subsidiaries

You need to review the applicable guidance for each one of your subs (FAS 52 under the old naming convention).

procedures consolidating foreign subsidiaries-44

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.

Nevertheless, the exemption seems to be only a transitional relaxation and can only benefit a company for so long.Apparently it seems that all unlisted companies with a foreign subsidiary are exempt from preparing consolidated financial statements for the financial year 2014-15.However, on a plain reading, it is not completely clear whether the exemption is available if a company has at least one foreign subsidiary along with Indian subsidiaries, or will be available if a company has only foreign subsidiaries but no Indian subsidiaries.It needs to be done in local currency and then translated.A good upper level accounting textbook can be invaluable..one used on Amazon.This site uses cookies to provide you with a more responsive and personalised service.

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