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Consolidated financial statement
a pvt ltd co have a wholly owned pvt ltd subsidiary, i want to whether Consolidated financial statment is mandatory for F.Y 2015-16. kindly guide with citation.
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As per Section 129(3), when a company has one or more subsidiaries, such company shall also prepare consolidated financial statements.
However, MCA had recently issued a notification dated 27.07.2016 amending the rules, where if specified coditions are fulfiled, then such company does not require to prepare consolidated financial statements. Kindly refer such notification
https://www.mca.gov.in/Ministry/pdf/CompaniesAccountsAmendmentRules_28072016.pdf
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