[Checklist] to meet Disclosure Obligations under AS 21 | Consolidated Financial Statements
- Blog|News|Account & Audit|
- 2 Min Read
- By Taxmann
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- Last Updated on 28 March, 2023
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The objective of AS 21, Consolidated Financial Statements, is to lay down principles and procedures for the preparation and presentation of consolidated financial statements. Consolidated financial statements are presented by a parent (also known as the holding enterprise) to provide financial information about the economic activities of its group. These statements are intended to present financial information about a parent and its subsidiary (ies) as a single economic entity to show the economic resources controlled by the group, the obligations of the group and the results, the group achieves with its resources. This story discusses the obligations of an entity under AS 21 with respect to disclosure requirements.
I. Whether the entity has presented the consolidated financial statements in addition to separate financial statements.
II. Has the entity disclosed the fact including the proportions of the items where it is not practicable to use uniform accounting policies for like transactions and other events in similar circumstances and where different accounting policies have been applied in preparing consolidated financial statements.
III. Has the entity disclosed the reason for not consolidating a subsidiary in the consolidated financial statements only where a subsidiary is excluded from consolidation.
IV. In consolidated financial statements, whether the entity has included the notes involving material items which are necessary for presenting a true and fair view of the consolidated financial statements.
V. Whether the entity has disclosed the full comparative figures for the previous period have been presented in the consolidated financial statements (except on the presentation of the first set of financial statements).
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