Lecture 14 | Consolidation- Overview | Power of 30

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Going forward with our series of web lectures as a mark of celebrating the completion of 30 years in practice, we have come with the 14th episode of our series on Consolidation- Overview

The newly implemented Accounting Standards have metamorphosed the way accounting was carried out in case of consolidation of subsidiaries, associates and joint ventures.

Before the implementation of Indian Accounting Standards, AS 21, 23 and 27 governed the accounting of it. Post implementation of Ind AS, the applicable standards are Ind AS 110 and 28.
The Standard thoroughly describes the concept of control and significant influence which plays a pivotal role in establishing the relationship of subsidiary and associate/JV respectively. Several other concepts and ideas like power, rights, relevant activities, equity investing have been talked about which revolve around the exercise of judgement and placing substance over form. The presentation below provides an exhaustive caricature of consolidation accounting.

Ind AS being applicable now, on all given phases of its implementation and from 2018-19 being applicable on Phase 1 NBFCs too, they primarily play a vital role in each and every aspect of working of the company, be it accounting, business processes, investment decisions or compliance.

Currently each and every decisions of an organisation is being affected by these “IFRS Converged Accounting Standards”.

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