{"id":96455,"date":"2020-12-28T15:47:04","date_gmt":"2020-12-28T10:17:04","guid":{"rendered":"https:\/\/www.vskills.in\/certification\/tutorial\/?page_id=96455"},"modified":"2024-04-12T14:25:25","modified_gmt":"2024-04-12T08:55:25","slug":"consolidation-principles-under-as-21","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/consolidation-principles-under-as-21\/","title":{"rendered":"Consolidation Principles under AS-21"},"content":{"rendered":"\n<p>AS 21 lays down principles and procedures for preparation and presentation of consolidated financial statements. Consolidated financial statements are presented by a parent (holding company) to provide financial information about the economic activities of the group as a single economic entity.<\/p>\n\n\n\n<p><strong>Objective<\/strong><\/p>\n\n\n\n<p>The objective of this Statement is to lay down principles and procedures for preparation and presentation of consolidated financial statements. Consolidated Financial Statement is prepared by the holding\/parent company to provide financial information regarding the economic resources controlled by its group and results achieved with these resources.<\/p>\n\n\n\n<p>This consolidated financial statement is prepared by the parent company in addition to the financial statement prepared by the parent company for only it is own affairs. Hence parent company prepares two financial statements, one for only its own affairs and one for taking the whole group as one unit in the form of consolidated financial statement. Consolidated financial statements usually comprise the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Consolidated Balance Sheet<\/li><li>Consolidated Profit &amp; Loss Statement<\/li><li>Notes to Accounts, other statements and explanatory material<\/li><li>Consolidated Cash Flow Statement, if parent company presents its own cash flow statement.<\/li><\/ul>\n\n\n\n<p>While preparing the consolidated financial statement, all other ASs and Accounting Policies will be applicable as they are applied in parent company&#8217;s own financial statement.<\/p>\n\n\n\n<p>Definitions of the Terms used in the Accounting Standard<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A <strong>subsidiary<\/strong> is an enterprise that is controlled by another enterprise (known as the parent).<\/li><li>A <strong>parent <\/strong>is an enterprise that has one or more subsidiaries.<\/li><li>A <strong>group<\/strong> is a parent and all its subsidiaries.<\/li><li><strong>Equity <\/strong>is the residual interest in the assets of an enterprise after deducting all its liabilities.<\/li><li><strong>Minority interest<\/strong> is that part of the net results of operations and of the net assets of a subsidiary attributable to interests which are not owned, directly or indirectly through subsidiary(ies), by the parent.<\/li><\/ul>\n\n\n\n<p><strong>Consolidated financial statements<\/strong> are the financial statements of a group presented as those of a single enterprise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AS 21 lays down principles and procedures for preparation and presentation of consolidated financial statements. Consolidated financial statements are presented by a parent (holding company) to provide financial information about the economic activities of the group as a single economic entity. Objective The objective of this Statement is to lay down principles and procedures for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-96455","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consolidation Principles under AS-21 - Tutorial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/consolidation-principles-under-as-21\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consolidation Principles under AS-21 - Tutorial\" \/>\n<meta property=\"og:description\" content=\"AS 21 lays down principles and procedures for preparation and presentation of consolidated financial statements. 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