TaxTMI 
TaxTMI 
TaxTMI 
Separate Financial Statements
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....en an entity elects, or is required by law, to present separate financial statements. 3 This Standard does not mandate which entities produce separate financial statements. It applies when an entity prepares separate financial statements that comply with Indian Accounting Standards. Definitions 4 The following terms are used in this Standard with the meanings specified: 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. Separate financial statements are those presented by a parent (i.e an investor with control of a subsidiary) or an investor with joint....
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....nly financial statements. 8A An investment entity that is required, throughout the current period and all comparative periods presented, to apply the exception to consolidation for all of its subsidiaries in accordance with paragraph 31 of Ind AS 110 presents separate financial statements as its only financial statements. Preparation of separate financial statements 9 Separate financial statements shall be prepared in accordance with all applicable Ind AS, except as provided in paragraph 10. 10 When an entity prepares separate financial statements, it shall account for investments in subsidiaries, joint ventures and associates either: (a) at cost, or (b) in accordance with Ind AS 109. The entity shall apply the same accounting....
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....ount for an investment in a subsidiary in accordance with Ind AS 109. (b) when an entity becomes an investment entity, it shall account for an investment in a subsidiary at fair value through profit or loss in accordance with Ind AS 109. The difference between the previous carrying amount of the subsidiary and its fair value at the date of the change of status of the investor shall be recognised as a gain or loss in profit or loss. The cumulative amount of any fair value adjustment previously recognised in other comprehensive income in respect of those subsidiaries shall be treated as if the investment entity had disposed of those subsidiaries at the date of change in status. 12 An entity shall recognise a dividend from a subsidiary, a j....
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....applicable Ind ASs when providing disclosures in its separate financial statements, including the requirements in 1[paragraphs 16-17]. 16 When a parent, in accordance with paragraph 4(a) of Ind AS 110, elects not to prepare consolidated financial statements and instead prepares separate financial statements, it shall disclose in those separate financial statements: (a) the fact that the financial statements are separate financial statements; that the exemption from consolidation has been used; the name and principal place of business (and country of incorporation, if different) of the entity whose consolidated financial statements that comply with Ind ASs have been produced for public use; and the address where those consolidated financ....
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....(and country of incorporation, if different) of those investees. (iii) its proportion of the ownership interest (and its proportion of the voting rights, if different) held in those investees. (c) a description of the method used to account for the investments listed under (b). Appendix 1 Note: This Appendix is not a part of the Indian Accounting Standard. The purpose of this Appendix is only to bring out the major differences, if any, between Indian Accounting Standard (Ind AS) 27 and the corresponding International Accounting Standard (IAS) 27, Separate Financial Statements, issued by the International Accounting Standards Board. Comparison with IAS 27, Separate Financial Statements 1. Paragraph 17 (a) of IAS 27 requires to d....