TAILIEUCHUNG - Indian Accounting Standard (Ind AS) 27 Consolidated and Separate Financial Statements

IFRS 4 does not provide quantitative guidance for assessing the significance of insurance risk, because the IASB felt that creating an arbitrary dividing line would result in different accounting treatments for similar transactions that fall marginally on different sides of the line. When assessing the significance of insurance risk two factors should be considered. The insured event should have a sufficient probability of occurrence and a sufficient magnitude of effect. The probability and the magnitude are measured independently to determine the significance of the insurance risk. The occurrence of an event is viewed as sufficiently probable if the occurrence thereof has commercial substance. Any event, which policyholders see as. | Indian Accounting Standard Ind AS 27 Consolidated and Separate Financial Statements Contents Paragraphs Scope 1-3 Definitions 4-8 Presentation of Consolidated Financial 9-11 Statements Scope of Consolidated Financial Statements 12-17 Consolidation Procedures 18-31 Loss of Control 32-37 Separate financial statements 35-36 Accounting for Investments in Subsidiaries 38-40 Jointly Controlled Entities and Associates in Separate Financial Statements Disclosure 41-43 APPENDICIES Appendix A Consolidation Special Purpose Entities Appendix B References to matters contained in other Indian Accounting Standards Appendix C Form of consolidated financial statements Appendix 1 Comparison with IAS 27 Consolidated and Separate Financial Statements Indian Accounting Standard Ind AS 27 Consolidated and Separate Financial Statements This Indian Accounting Standard includes paragraphs set in bold type and plain type which have equal authority. Paragraphs in bold type indicate the main principles . Scope 1 This Standard shall be applied in the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent. 2 This Standard does not deal with methods of accounting for business combinations and their effects on consolidation including goodwill arising on a business combination see Ind AS 103 Business Combinations . 3 This Standard shall also be applied in accounting for investments in subsidiaries jointly controlled entities and associates when an entity elects or is required by law to present separate financial statements. Definitions 4 The following terms are used in this Standard with the meanings specified Consolidated financial statements are the financial statements of a group presented as those of a single economic entity. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. A group is a parent and all its subsidiaries. Non-controlling interest is the .

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• foreign entities
• international investors
• Effectively connected
• Noneffectively connected
• Branch Profits Tax
• excess interest
• Foreign direct investment
• Domestic investment
• Industry sector
• FDI enterprises
• Capital formation
• Export earnings
• Advanced accounting
• Variable interest entities
• Intra entity debt
• Consolidated cash flows
• Interim reporting
• Foreign currency transactions