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Suppose if the parent’s reporting period is 1 jan 2011 to 31 dec 2011.
Its subsidiary’s reporting period is 1 april 2010 to 31 mar 2011.
Paremt company acquired sub. on 1 march 2011.
Parent company is required to prepare consolidates statements on 31 mar 2011.
It is allowed to include subsidiary’s accounts if the time gap is less than 3 months. Now how will the profits of subsidiary be calculated in this case , where time gap is of 9 months ?Correction* Parent company is required to prepare consolidated statements on 31 december* not 31 march.
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