Please provide summary on Ind AS 112 - Disclosure of Interests in Other Entities
Please provide summary on Ind AS 112 - Disclosure of Interests in Other Entities The objective of this Indian Accounting Standard (Ind AS) is to require an entity to disclose information that enables users of its financial statements to evaluate: (a) the nature of, and risks associated with, its interests in other entities; and (b) the effects of those interests on its financial position, financial performance and cash flows. If the disclosures required by this Ind AS, together with disclosures required by other Ind ASs, do not meet the objective in above, an entity shall disclose whatever additional information is necessary to meet that objective. An entity shall consider the level of detail necessary to satisfy the disclosure objective and how much emphasis to place on each of the requirements in this Ind AS. It shall aggregate or disaggregate disclosures so that useful information is not obscured by either the inclusion of a large amount of insignificant detail or the aggregation of items that have different characteristics.
Dear Friend > Ind AS 112 - Disclosure of Interests in Other Entities Ind AS 112 provides for extensive disclosures on consolidated financial statements. The key disclosures required are outlined below: 1. Significant judgements and assumptions in determining control, joint control or significant influence, the type of joint arrangement when the arrangement is through separate vehicles to be disclosed 2. Disclosure by the investment entity about significant judgements and assumptions it made in determining that it is an investment entity 3. To understand the composition of the group, interest that non-controlling interests have in the group’s activities and cash flows in the interest in subsidiaries 4. For each unconsolidated subsidiary, an investment entity shall disclose the subsidiary’s name, the principal place of business (and country of incorporation if different from the principal place of business) of the subsidiary, and the proportion of ownership interest held by the investment entity and, if different, the proportion of voting rights held 5. An entity having interest in joint arrangement and associates shall disclose information that enables users of its financial statements to evaluate the following: -- The nature, extent and financial effects of its interests in joint arrangements and associates, including the nature and effects of its contractual relationship with the other investors with joint control of, or significant influence over, joint arrangements and associates -- The nature of, and changes in, the risks associated with its interests in joint ventures and associates 6. An entity having interest in unconsolidated structured entities shall disclose information that enables users of its financial statements: -- To understand the nature and extent of its interests in unconsolidated structured entities -- To evaluate the nature of, and changes in, the risks associated with its interests in unconsolidated structured entities Thanks