Will consolidation be applicable to smc companies

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CA Shraddha Vora (Querist)
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08 June 2015 Section 129(3) mandates consolidation for all companies (including SMCs) subject to Rule 6 of Companies (Accounts) Rules, 2014, whose proviso states that
“in case of a company covered under sub-section (3) of section 129 which is not required to prepare consolidated financial statements under the Accounting Standards, it shall be sufficient if the company complies with provisions on consolidated financial statements provided in Schedule III of the Act.”

AS 21 is not applicable to SMCs.

In light of the above, kindly clarify whether consolidation would be applicable in case of SMCs, having regard to the exemption provided under the Rules.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 June 2015 No need to consolidate. Please see page 105 of ICAI publication"Financial Statements Presentation Under Companies Act,2013,Practitioner's perspective".

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