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of <h1>AS 21: Guidelines for Consolidated Financial Statements, Including Subsidiaries, Uniform Policies, and Disclosure Requirements</h1> The Accounting Standard (AS) 21 outlines the principles for preparing and presenting consolidated financial statements, which provide financial information about a parent company and its subsidiaries as a single economic entity. It mandates the inclusion of all subsidiaries, except those held temporarily or under severe restrictions, and requires the use of uniform accounting policies. The standard specifies procedures for eliminating intragroup transactions and balances, and for accounting for minority interests. Disclosures must include a list of subsidiaries and the nature of relationships, while transitional provisions allow for initial non-comparative figures. The standard emphasizes the presentation of financial data to reflect the group's consolidated economic activities.
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