Consolidated financial statements: rules for consolidating subsidiaries, eliminating intragroup items, and presenting minority interest. This Standard prescribes preparation and presentation of consolidated financial statements by a parent to present the group as a single economic entity, defines control, parent, subsidiary, group and minority interest, requires consolidation of all subsidiaries subject to limited exclusions, mandates line by line combination with elimination of parent investment against subsidiary equity (recognising goodwill or capital reserve as applicable), separate presentation of minority interest, elimination of intragroup transactions and unrealised profits, and uniform accounting policies with specified disclosures for subsidiaries and reporting date differences.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Consolidated financial statements: rules for consolidating subsidiaries, eliminating intragroup items, and presenting minority interest.
This Standard prescribes preparation and presentation of consolidated financial statements by a parent to present the group as a single economic entity, defines control, parent, subsidiary, group and minority interest, requires consolidation of all subsidiaries subject to limited exclusions, mandates line by line combination with elimination of parent investment against subsidiary equity (recognising goodwill or capital reserve as applicable), separate presentation of minority interest, elimination of intragroup transactions and unrealised profits, and uniform accounting policies with specified disclosures for subsidiaries and reporting date differences.
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