Thursday, August 18, 2016

Draft Guidance Note on Combined Financial Statements

Exposure Draft of the Guidance Note on Combined Financial Statements issued by the Accounting Standards Board for Public Comments

As you are kindly aware, that the Consolidated Financial Statements of an entity are prepared for a group as defined in Ind AS 110, Consolidated Financial Statements. There may be some occasions where preparation of Consolidated Financial Statements would not be appropriate because of absence of control, e.g., in group loan arrangements, take-overs, demergers, spin-offs and initial public offerings, etc. In such cases, specific financial information is required for part or parts of entities which may or may not be part of a group. Combined Financial Statements may be prepared for these specific purposes. As of now, there was no guidance on preparation of Combined Financial Statements in India. The guidance on Combined Financial Statements is necessary in order to curb diverse prevailing practices.

Accordingly, exposure draft of the Guidance Note on Combined Financial Statements has been issued by the Accounting Standards Board of the ICAI, for public comments with last date as September 05, 2016, clarifying how to prepare combined financial statements required under specific instances.

The downloadable versions of the above mentioned Exposure Draft is available at:

Further, comments on the abovementioned Exposure Draft issued by the ASB may be submitted through any of the following modes.
1 Electronically: Click on to submit comment online (Preferred method)
2 Email: Comments can be sent to:
3 Postal: Secretary, Accounting Standards Board,

The Institute of Chartered Accountants of India,

ICAI Bhawan, Post Box No. 7100,

Indraprastha Marg, New Delhi 110 002

Further clarifications on any aspect of this Exposure Draft may be sought by e-mail to

Source- ICAI

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