Consolidation of Financial Statement
This query is : Resolved
Brijesh Patel
(Querist)
10 November 2010
Is consolidation of subsidiary a/c with holding company a/c a legal requirement?
Is there any provision in the companies act related to consolidation of financial statement of holding and its sibsidiary(ies)?
Whether holding company which is private limited company are required to prepare consolidated financial statement of their susidiary(ies)?
Brijesh.
Is there any provision in the companies act related to consolidation of financial statement of holding and its sibsidiary(ies)?
Whether holding company which is private limited company are required to prepare consolidated financial statement of their susidiary(ies)?
Brijesh.
CS Nikita Sheth
(Expert)
10 November 2010
Hi Brijesh!!
Consolidation of subsidiary a/c with holding co is a legal requirement.
Section 212 of the Companies Act,1956 speaks for the same.
Answering to your last query, section 212 applies to all companies i.e. public as well as private.so, in your case, pvt co. which holding co. is required to prepare consolidated financial statement of their susidiary(ies)
Consolidation of subsidiary a/c with holding co is a legal requirement.
Section 212 of the Companies Act,1956 speaks for the same.
Answering to your last query, section 212 applies to all companies i.e. public as well as private.so, in your case, pvt co. which holding co. is required to prepare consolidated financial statement of their susidiary(ies)
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