what will happen if a company becomes an associate company during the period of 1st april ,2013 to 31st april ,2013 as per companies act, 2013? In this case, consolidation of accounts mandatory for this financial year?
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Associate company
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Provision of consolidation will apply if the relationship of associate company exists as on the last day of the financial year.
Hello,
As per latest MCA notification dt. 04/04/2014, provisions relating to financial statements, auditors report, Boards report in respect of financial year 2013-14 shall be governed by Companies Act, 1956. Thus the provisions as per Companies Act, 2013 and its respective rules will become applicable only from FY15. So consolidation of accounts in case of associate company will be applicable from FY15.
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Thanks
Dipali Shinde
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