Shirley asked 3 years ago
Sir if AS allows exemption but Schedule III does not, are we supposed to consolidate the financial statements? The new module states consolidation is mandated as per Sch III in this case
1 Answers
Ravi Staff answered 3 years ago
module is not updated
its wrong conclusion
this position as changed few years back
exemption given by AS & Ind AS prevail as law only authorises these standards for consolidation
so exemption by AS & Ind AS are final
ICAI has changed there answer over this
we have explained in question bank and also regular notes