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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.

Section 129- Financial statement.

Posted By: Shiv kumaran 9 year(s) ago

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


Expert    Ankit Singhi

Answer to query 1 : companies in the cited case are exempted from consolidation only for the financial year ending on the 31st March, 2015 Answer to query 2: It is in addition to consolidation of financial statements of the company and of all the subsidiaries

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