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.

Section 129- Financial statement.

Posted By: Pradeep chugh 9 year(s) ago