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Do the foreign subsidiaries have to follow the same financial year as Indian parent Company for the purpose of consolidation of financial statements u/s 129 of Companies Act, 2013?

Implementation of new law

Posted By: Damini chopra 9 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

Indian parent company shall required to get their subsidiaries accounts prepared in accordance with their financial year. Further, kindly refer AS- 21 which provides the detailed procedure for consolidation of accounts.

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    Akansha

As per sec 2(41), after filing an application to tribunal (currently to CLB) if it is satisfied foreign subsidiaries of a company may follow different financial year for the purpose of consolidation of financial statements

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