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of <h1>AS 21: Guidelines for Consolidated Financial Statements of Parent and Subsidiaries, Including Balance Sheet and Profit & Loss.</h1> The Accounting Standard (AS) 21 outlines principles for preparing consolidated financial statements, which present the financial position of a parent company and its subsidiaries as a single entity. It mandates that these statements include a consolidated balance sheet, profit and loss statement, and cash flow statement if applicable. The standard specifies uniform accounting policies and requires consolidation of all subsidiaries, barring temporary control or severe restrictions. It details procedures for eliminating intragroup transactions and adjusting for minority interests. AS 21 also requires specific disclosures regarding subsidiaries and the effects of acquisitions and disposals on financial statements.
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