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Which AS deals with 'Accounting for Investments in Associates in Consolidated Financial Statements'?
AAS 21
BAS 23
CAS 22
DAS 27
Answer & Solution
Correct answer: B. AS 23
1. Step 1: AS 23 = Accounting for Investments in Associates in CFS, applicable 01/04/2002.
2. Step 2: AS 21 is Consolidated Financial Statements; AS 27 is Financial Reporting of Interests in Joint Ventures.
3. Step 3: Hence (C) is correct.
_Source: ICAI BoS CA Inter Paper 1, Ch 1 "Introduction to Accounting Standards"_