Accounting · Accounting Standards

Consider the following statements regarding specific Accounting Standards (AS): Statement 1: Under the framework of AS 21, consolidated financial statements are prepared for a parent and its subsidiaries, where a subsidiary is defined by the parent entity having more than 50% control. Statement 2: According to the provisions of AS 26, intangible assets must be recognized in the financial statements even if the flow of future economic benefits is not probable, as long as the cost can be measured reliably.