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Please provide summary on Ind AS 110 - Consolidated Financial Statements

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Prity asked about 3 years ago

Please provide summary on Ind AS 110 - Consolidated Financial Statements

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3 Answers
Open uri20170510 32134 1c996lj?1494421732 Anil answered over 2 years ago

Hello To meet the objective, this IND-AS: (a) requires an entity (the parent) that controls one or more other entities (subsidiaries) to present consolidated financial statements; (b) defines the principle of control, and establishes control as the basis for consolidation; (c) sets out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee; and (d) sets out the accounting requirements for the preparation of consolidated financial statements.

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Open uri20170510 32134 1ue0f38?1494421710 rohit agarwal answered about 3 years ago

Summary on Ind AS 110 - Consolidated *Financial Statements The objective of this IND-AS is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. To meet the objective, this IND-AS: (a) requires an entity (the parent) that controls one or more other entities (subsidiaries) to present consolidated financial statements; (b) defines the principle of control, and establishes control as the basis for consolidation; (c) sets out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee; and (d) sets out the accounting requirements for the preparation of consolidated financial statements. Consolidated financial statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity. Summary on Ind AS 110 - Consolidated *Financial Statements

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Data?1494421730 rohit awasthi answered about 3 years ago

Dear Friend > Ind AS 110 - Consolidated Financial Statements The principles concerning consolidated financial statements under Ind AS 110 are set out in Ind AS 110, ‘Consolidated financial statements’. Ind AS 110 has a single definition of control. Ind AS 110’s objective is to establish principles for presenting and preparing consolidated financial statements when an entity controls one or more entities. Ind AS 110 sets out the requirements for when an entity needs to prepare consolidated financial statements, defines the principles of control, explains how to apply the principles of control and explains the accounting requirements for preparing consolidated financial statements The key principle in the standard is that control exists, and consolidation is required, only if the investor possesses power over the investee, has exposure to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect its returns. The core principle is that a consolidated entity presents a parent and its subsidiaries as if they are a single economic entity. In difficult situations, the precise facts and circumstances will affect the analysis under Ind AS 110. Ind AS 110 does not provide ‘bright lines’ and requires consideration of many factors, such as the existence of contractual arrangements and rights held by other parties, in order to assess control. Ind AS 110 does not contain any disclosure requirements; these are included within Ind AS 112 which has greatly increased the amount of required disclosures. Reporting entities should plan for, and implement, the processes and controls that will be required to gather the additional information. Thanks

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