Ithra, upon liquidation, no longer meets the IFRS 10 criteria for consolidation as a subsidiary of the Group and is, consequently, a deemed disposal as at 4 March 2015.

The company is obliged, according to The Act of Accounting regulations, to close accounting books as for the day of liquidation process completion – not later then within 3 months from the date of the occurrence of this event.

4 When Liquidation is IMMINENT. Articles provide that, on liquidation, out of the surplus assets remaining after payment of liquidation costs and outside liabilities, there shall be paid, firstly, all arrears of Preference dividend, secondly, the amount paid up on the Preference shares together with a premium thereon of Rs. Imminent refers to one of the following two conditions: Liquidation plan.A plan for liquidation … Liquidation basis accounting is concerned with preparing the financial statements of a business in a different way if its liquidation is considered to be imminent. TAX-FREE LIQUIDATION OF A SUBSIDIARY Sherman Dye Although liquidation normally results in gain or loss to the recipient stockholder, this is not true in the case of complete liquidation of certain subsidiary corporations.1 In order to qualify for the special treatment, the parent corporation The duty of closing accounts involved duty to prepare complete financial report. The Financial Accounting Standards Board (FASB) addresses this in Accounting Standards Codification (ASC) 205-30, Liquidation Basis of Accounting, which is primarily based on Accounting Standards Update (ASU) 2013-07 Topic 205, Presentation of Financial Statements – Liquidation Basis of Accounting.

• As stated in Topic 205, Presentation of Financial Statements-Liquidation Basis of Accounting, FASB update No. The consolidation method is a type of investment accounting used for consolidating the financial statements of majority ownership investments.

2013-07, clause 205-30-25-1: “an entity shall prepare financial statements in accordance with the requirements of this Subtopic when liquidation is imminent unless the liquidation follows a plan for liquidation that was specified in the entity’s This method can only be used when the investor possesses effective control of a subsidiary, which often assumes the investor owns at least 50.1% Liquidation is the process of selling off all the assets of an entity, settling its liabilities, distributing any remaining funds to shareholders, and closing it down as a legal entity.The liquidation process is a possible outcome of bankruptcy, which a company enters when it does not have sufficient funds to pay its creditors.A bankruptcy filing can be voluntary or involuntary.

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