CONSOLIDATION OF ACCOUNT OF 100% WHOLLY OWNED SUBSIDIARY, Accounting - Auditing

[NITIN DESAI]

SIR,

WE ARE PRIVATE LIMITED COMPANY SITUATED IN GUJARAT. WE HAVE WHOLLY OWNED SUBSIDIARY IN UAE. OUR AUDIT IS COMPLETED FOR FY 2015-16 IN UAE WHERE THE ACCOUNTS ARE MAINTAINED IN AED. NOW I WANT TO CONSOLIDATE THE ACCOUNT IN INDIA WHICH SHALL BE IN RUPEES. MY QUERY IS WHAT SHALL BE THE RATE TO BE CONSIDERED FOR CONVERSATION OF AED INTO RUPEES FOR ALL TRANSACTION OF PROFIT AND LOSS ACCOUNTS AND BALANCE SHEET. THE CONSOLIDATE ACCOUNT SHALL BE AUDITED BY OUR STATUTORY AUDITOR BASED ON AUDITED ACCOUNTS OF UAE COMPANY.

Posts / Replies

[Ganeshan Kalyani]

What is your view Sir ?

[NITIN DESAI]

SIR,

I UNDERSTAND THAT WE MAY TAKE EXCHANGE RATE PREVAILING AS ON 31ST MARCH,2016 CAN BE TAKEN FOR CONVERSION OF PROFIT AND LOSS A/C AND BALANCE SHEET FOR CONSOLIDATION OF ACCOUNT IN INDIA. HOWEVER WE REQUIRE EXPERT VIEW.