[Illustrative Checklist] Disclosure requirements under AS 14 | Accounting for Amalgamations
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- Last Updated on 25 January, 2023
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The objective of AS 14, Accounting for Amalgamations, is to prescribe accounting for amalgamations and the treatment of any resultant goodwill or reserves. It provides guidance on how to account for the assets and liabilities of the amalgamating companies, how to determine the cost of the amalgamation, and how to account for any goodwill or negative goodwill that arises from the amalgamation. The standard also addresses the accounting treatment of minority interests and the preparation of consolidated financial statements. This Standard is directed principally to companies although some of its requirements also apply to financial statements of other enterprises.
As per the stipulation of this standard, an entity must comply with the below-mentioned disclosure requirements:
I. In the first financial statements following the amalgamation has entity disclosed all of the following:
i) Names and general nature of business of the amalgamating companies
ii) Effective date of amalgamation for accounting purposes
iii) The method of accounting used to reflect the amalgamation
iv) The particulars of the scheme sanctioned under a statute
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