‘’ Consolidated Financial Statements” (2)

8/20/2019 ‘’ Consolidated Financial Statements” (2)

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UNIVERSITY OF MUMBAI

RAYAT SHIKSHAN SANSTHA’S

KARMAVEER BHAURAO PATIL COLLEGE

VASHI, NAVI MUMBAI

COLLEGE CODE – 33

PROJECT REPORT

ON

“CONSOLIDATED FINANCIAL STATEMENTS”

SUBMITTED BY

MEENAKSHI MOHAN DANGE

PROJECT GUIDE

PROF. SHIVAJI GHUTUKADE

IN PARTIAL FULFILLMENT FOR THE COURSE OF

MASTER OF COMMERCE

M.COM.PART – I (SEMESTER I)

ACADEMIC YEAR 2014-15

RAYAT SHIKSHAN SANSTHA’S


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KARMAVEER BHAURAO PATIL COLLEGE

VASHI, NAVI MUMBAI 400 703

CERTIFICATE

T!"# "# $% &'($")* $!+$ ,

#$.'/$ %) MC%P+($-I S''#$'( I !+# &%'$'. !"# (%'&$ %/

CONSOLIDATED FINANCIAL STATEMENTS +/. !+# #6"$$'. + #+$"#)+&$%(*

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DECLARATION

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A subsidiary should be excluded from consolidation when:

(a) control is intended to be temporary because the subsidiary is acquired and held

exclusively with a view to its subsequent disposal in the near future; or

(b) it operates under severe long-term restrictions which significantly impair its ability

to transfer funds to the parent.

n consolidated financial statements! investments in such subsidiaries should be

accounted for in accordance with Accounting "tandard (A") #$! Accounting for

nvestments. %he reasons for not consolidating a subsidiary should be disclosed in the


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consolidated financial statements.

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(a) &here an enterprise owns ma'ority of voting power by virtue of ownership of the

shares of another enterprise and all the shares are held as stoc-in-trade* and are

acquired and held exclusively with a view to their subsequent disposal in the near

future! the control by the first mentioned enterprise is considered to be temporary

within the meaning of paragraph ##(a).

%he period of time! which is considered as near future for the purposes of this "tandard

primarily depends on the facts and circumstances of each case. +owever! ordinarily! the

meaning of the words near future* is considered as not more than twelve months from

acquisition of relevant investments unless a longer period can be 'ustified on the basis of

facts and circumstances of the case. %he intention with regard to disposal of the relevant

investment is considered at the time of acquisition of the investment. Accordingly! if therelevant investment is acquired without an intention to its subsequent disposal in near

future! and subsequently! it is decided to dispose off the investment! such an investment is

not excluded from consolidation! until the investment is actually disposed off. ,onversely!

if the relevant investment is acquired with an intention toits subsequent disposal in near

future! but! due to some valid reasons! it could not be disposed off within that period! the

same will continue to be excluded from consolidation! provided there is no change in the

intention.

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n preparing consolidated financial statements! the financial statements of the parent and


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its subsidiaries should be combined on a line by line basis by adding together lie items of

assets! liabilities! income and expenses. n order that the consolidated financial

statements present financial information about the group as that of a single enterprise!

the following steps should be taen:

(a) the cost to the parent of its investment in each subsidiary and the parent*s portion of

equity of each subsidiary! at the date on which investment in each subsidiary ismade! should be eliminated;

(b) any excess of the cost to the parent of its investment in a subsidiary over the parent*s

portion of equity of the subsidiary! at the date on which investment in the subsidiary

is made! should be described as goodwill to be recognised as an asset in the

consolidated financial statements;

(c) when the cost to the parent of its investment in a subsidiary is less than the parent*s

portion of equity of the subsidiary! at the date on which investment in the subsidiary

is made! the difference should be treated as a capital reserve in the consolidated

financial statements;

(d) minority interests in the net income of consolidated subsidiaries for the reporting

period should be identified and ad'usted

against the income of the group in order to arrive at the net income attributable to

the owners of the parent; and

(e) minority interests in the net assets of consolidated subsidiaries should be identified

and presented in the consolidated balance sheet separately from liabilities and the

equity of the parent*s shareholders. inority interests in the net assets consist of:

(i) the amount of equity attributable to minorities at the date on which investment in

a subsidiary is made; and

(ii) the minorities* share of movements in equity since the date the parent-subsidiary

relationship came in existence.

&here the carrying amount of the investment in the subsidiary is different from its cost!

the carrying amount is considered for the purpose of above computations.

xplanation:

(a) %he tax expense (comprising current tax and deferred tax) to be shown in the

consolidated financial statements should be the aggregate of the amounts of tax

expense appearing in the separate financial statements of the parent and its

subsidiaries.

(b) %he parent*s share in the post-acquisition reserves of a subsidiary! forming part

of the corresponding reserves in the consolidated balance sheet! is not required to be

disclosed separately in the consolidated balance sheet eeping in view the ob'ective of


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consolidated financial statements to present financial information of the group as a

whole. n view of this! the consolidated reserves disclosed in the consolidated balance

sheet are inclusive of the parent*s share in the post-acquisition reserves of a

subsidiary.

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%he financial statements used in the consolidation should be drawn up to the same

reporting date. f it is not practicable to draw up the financial statements of one or more

subsidiaries to such date and! accordingly! those financial statements are drawn up to

different reporting dates! ad'ustments should be made for the effects of significant

transactions or other events that occur between those dates and the date of the parent*s


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financial statements. n any case! the difference between reporting dates should not be

more than six months.

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,onsolidated financial statements should be prepared using uniform accounting policies

for lie transactions and other events in similar circumstances. f it is not practicable to

use uniform accounting policies in preparing the consolidated financial statements! that

fact should be disclosed together with the proportions of the items in the consolidated

financial statements to which the different accounting policies have been applied.

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An investment in an enterprise should be accounted for in accordance with Accounting

"tandard (A") #$! Accounting for nvestments! from the date that the enterprise ceases to

be a subsidiary and does not become an associate/ .

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inority interests should be presented in the consolidated balance sheet separately from

liabilities and the equity of the parent*s shareholders. inority interests in the income of

the group should also be separately presented.

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n a parent*s separate financial statements! investments in subsidiaries should be

accounted for in accordance with Accounting "tandard (A") #$! Accounting for

nvestments.


15/17

D-&,5o&+"%

n addition to disclosures required by paragraph ## and 01! following disclosures should

be made:

(a) in consolidated financial statements a list of all subsidiaries including the

name! country of incorporation or residence! proportion of ownership interest and! if different! proportion of voting power held;

(b) in consolidated financial statements! where applicable:

(i) the nature of the relationship between the parent and a

subsidiary! if the parent does not own! directly or indirectly through subsidiaries!

more than one-half of the voting power of the subsidiary;

(ii) the effect of the acquisition and disposal of subsidiaries on the financial position

at the reporting date! the results for the reporting period and on the

corresponding amounts for the preceding period; and

(iii) the names of the subsidiary(ies) of which reporting date(s) is2are different from

that of the parent and the difference in reporting dates.

T"!&-#-o!5 P"o1-&-o&

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16/17

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Note This illustration does not form part of the Accounting Standard. Its purpose is to assist

in clarifying the meaning of the Accounting Standard.

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"&'/#'. &++&"$* V+' %) "%($# &+&+$'. %/ CIF 6+#"# 6* $!' &%+/* .("/ $!' )"/+/&"+ *'+( "/

('#'&$ %)-

(+: +$'("+#

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17/17

T!' +%/$ ('"$$'. .("/ $!' *'+( "/ )%('"/ &(('/&"'# %/ +&&%/$ %) ."8".'/.#,

:"$! + #'&")"& '/$"%/ %) $!' /6'( %) /%/-('#".'/$ #!+('!%.'(#, $!' /6'( %)

#!+('# !'. 6* $!' %/ :!"&! $!' ."8".'/.# :'(' .' +/. $!' *'+( $% :!"&! $!'

."8".'/.# ('+$'.

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"/$'('#$ +/. ."8".'/.

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BIBLIOGRAPHY

:::-,!-%(

Documents

‘’ Consolidated Financial Statements” (2)