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- Posted By: Meenakshi sharma 11 year(s) ago
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- Posted By: Radha 11 year(s) ago
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- Posted By: Ravi 11 year(s) ago
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As per Section 129(3), a company has to consolidate the accounts of its subsidiaries (including Joint Ventures/Associate Companies
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As per Section 129(3), a company has to consolidate the accounts of its subsidiaries (including Joint Ventures/Associate Companies) and report.
However while reading Rule 6 of Companies (Accounts) Rules, 2014 along with GSR 723E dated 14th October, 2014 it seems that companies that do not have subsidiaries but only associate companies are exempt from the requirement of preparing Consolidated Financial Statement for the year ending 31st March, 2015.
Please clarify whether the understanding that:
1) Companies that do not have subsidiary but only associate company is exempt from preparing Consolidated Financial Statement?
2) Is attaching AOC 1 along with Financial Statements be sufficient?
is correct.
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- Posted By: Shiv kumaran 10 year(s) ago
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- Posted By: Sandhya 10 year(s) ago
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Rule 6 of The Companies (Accounts) Rules, 2014) provide that the consolidation of financial statements of the company shall be mad
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Rule 6 of The Companies (Accounts) Rules, 2014) provide that the consolidation of financial statements of the company shall be made in accordance with the provisions of Schedule III of the Act and the applicable accounting standards.
On 16 January 2015, the MCA issued an amendment that provides that:
(ii) in rule 6, after the third proviso, the following proviso shall be inserted, namely :—
“Provided also that nothing in this rule shall apply in respect of consolidation of financial
statement by a company having subsidiary or subsidiaries incorporated outside India only for
the financial year commencing on or after 1st April, 2014.”
In the light of the amended rule we would like to understand whether the exemption from preparing consolidated financial statements for the financial year 2014-15 is available if a company has foreign subsidiaries along with Indian subsidiaries, or will be available if a company has only foreign subsidiaries but no Indian subsidiaries.
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- Posted By: Pradeep chugh 10 year(s) ago
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- Posted By: Sreenivas babu 10 year(s) ago
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- Posted By: Yuga 9 year(s) ago
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- Posted By: Jagruti 11 year(s) ago
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