In general, a controlling stake is one that involves ownership of more than 50 percent of a business.When a company owns a stake that is less than controlling but still allows it to exert significant influence over the business, it must use the equity method of accounting.Consolidated Financial Statements are recommendatory. However, if consolidated financial statements are presented, these should be prepared in accordance with the standard.For listed companies preparing Consolidated Financial Statements is mandatory as per listing agreement.· Consolidated financial statements to be presented in addition to separate financial statements.· Control means the ownership of more than one half of the voting power of an enterprise or control of composition of the Board of Directors or such other governing body.· All subsidiaries, domestic and foreign to be consolidated except where control is intended to be temporary; i.e., intention at the time of investing is to dispose the relevant investment in the ‘near future’ or the subsidiary operates under severe long-term restrictions impairing transfer of funds to the parent.‘Near future’ generally means not more than twelve months from the date of acquisition of relevant investments (ASI-8 Incorporated in (AS) 21 "Consolidated Financial Statements" as an explanation (b) below para 11.Also incorporated in (AS) 23"Accounting for Investments in Associates in Consolidated Financial Statements" as an explanation below para 7 and in (AS) 27 "Financial Reporting of Interests in Joint Ventures" as explanation below para 28).
The procedure and steps to be taken for consolidation of financial statements of Indian corporate entities are laid down in three different accounting standards respectively AS 21 for Consolidation of Financial Statements of subsidiary, AS 23 Financial Reporting for Fianancial Statements of Associates and AS 27 Consolidation of Financial Statements of Joint Ventures.may be a checkbox for consolidated report for selected company. get_data is getting data for selected company, which can be used for list of companies.Any idea how to combine asset/liability/equity/income/expense for list of companies into one?The Filter here is Consolidation instead of Company.Consolidation as filter in Reports instead of Company code on develop branch : https://github.com/revant/consolidation Inviting community developers to help me out. Any developer interested in paid development / freelancing please PM.