Section 4(5) in The Companies (Indian Accounting Standards) Rules, 2015
(5)Overseas subsidiary, associate, joint venture and other similar entities of an Indian company may prepare its standalone financial statements in accordance with the requirements of the specific jurisdiction:Provided that such Indian company shall prepare its consolidated financial statements in accordance with the Indian Accounting Standards (Ind AS) [* * *] [Omitted 'either voluntarily or mandatorily' by Notification No. G.S.R. 365(E), dated 30.3.2016 (w.e.f. 16.2.2015).] if it meets the criteria as specified in sub-rule (1).
