Foreign branches whose business is carried on as autonomous entities are typically:
AIntegral foreign operations
BJoint ventures
CNon-integral foreign operations
DTrustee branches
Answer & Solution
Correct answer: C. Non-integral foreign operations
1. Step 1: NIFO operates with substantial autonomy; cash flows are largely independent of the parent.
2. Step 2: IFO is an extension of the parent.
3. Step 3: Hence (B).
_Source: ICAI BoS CA Inter Paper 1, Ch 15 "Accounting for Branches including Foreign Branches"_