Multiple choice

Which of the following statements is/are true?

(i) A parent AIFI presenting CFS shall consolidate all subsidiaries, domestic as well as foreign. (ii) The AIFIs shall not use the same format for CPRs purposes as their solo balance sheet. (iii) In addition to solo level financial statements, the AIFIs shall also prepare and disclose consolidated financial statements. (iv) The AIFIs need not to follow the guidance on specific issues with respect to certain accounting standards.

  1. (i)

  2. (ii)

  3. (i) and (iii)

  4. (ii) and (iv)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Correct statements are

(i) A parent AIFI presenting CFS shall consolidate all subsidiaries, domestic as well as foreign

(ii) The AIFIs shall use the same format for CPRs purposes as their solo balance sheet prescribed under the respective Acts with appropriate modifications/notes.

(iii) In addition to solo level financial statements, the AIFIs shall also prepare and disclose consolidated financial statements.

(iv) The AIFIs shall follow the guidance on specific issues with respect to certain accounting standards.

Thus, only (i) and (iii) are correct.

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