Download Quick Reference on Indian Accounting Standard (Ind AS) 110, Consolidated Financial Statements
Ind AS 110: Consolidated Financial Statements
The objective of this Indian Accounting Standard (Ind AS) is to establish principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities.
Consolidated financial statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity.
The Standard requires an entity that is a parent to present Consolidated Financial Statements (CFS). A limited exemption is available to some entities. The Standard defines the principle of control and establishes control as the basis for determining which entities are consolidated in the consolidated financial statements.
An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.