09-30-2009, 09:21 PM
Star
I refer you to selected opinions Volume XIV issued by ICAP. It's opinion No. 1.4 addresses the question asked by you. You can download this volume from ICAP's website.
Section 237 of CO84 requires all holding companies to consolidate the financial statements. Holding company's definition does not entail any differences on account of status of such company as listed or unlisted etc.
Although paragraph 10 of IAS 27 exempts unlisted companies from consolidation. However, since CO84 overrules, we have to follow it.
AS far as Standards for MSEs and SSEs are concerned, it has been mentioned therein that if any thing is not clear, one has to refer back to IFRSs. Further section 237 also requires consolidated accounts to be compliant of 4th schedule of CO84 instead of 5th schedule.
Theerefore, such consolidation will be made under IFRS (IAS-27) and such accounts, in my view, should be compliant of IFRSs (since 4th schedule ddo not allow following standards for MSEs or SSEs.).
I hope you will find it beneficial.
Regards,
KAMRAN.
I refer you to selected opinions Volume XIV issued by ICAP. It's opinion No. 1.4 addresses the question asked by you. You can download this volume from ICAP's website.
Section 237 of CO84 requires all holding companies to consolidate the financial statements. Holding company's definition does not entail any differences on account of status of such company as listed or unlisted etc.
Although paragraph 10 of IAS 27 exempts unlisted companies from consolidation. However, since CO84 overrules, we have to follow it.
AS far as Standards for MSEs and SSEs are concerned, it has been mentioned therein that if any thing is not clear, one has to refer back to IFRSs. Further section 237 also requires consolidated accounts to be compliant of 4th schedule of CO84 instead of 5th schedule.
Theerefore, such consolidation will be made under IFRS (IAS-27) and such accounts, in my view, should be compliant of IFRSs (since 4th schedule ddo not allow following standards for MSEs or SSEs.).
I hope you will find it beneficial.
Regards,
KAMRAN.
