Companies Act 2013 mandatorily requires for preparation of Consolidated Financial Statements for a company having a subsidiary, associate or joint venture ?
My query is whether consolidated accounts need to be prepares for Financial Year ending 2014 ?
or
Is exemption available for F.Y. ending 2014 as per circular 8/2014 ?
Thanks in advance
Provisions for consolidation of accounts will be applicable for FY starting from 1.4.2014 onwards. We may have to give previous year's consolidated figures also in accounts for FY 2014-15.
As per reports in newspapers 2-3 days ago, govt is considering extending this provision for one year for unlisted companies.
https://epaper.business-standard.com/bsepaper/svww_zoomart.php?Artname=20140922aE004101001&ileft=4&itop=47&zoomRatio=130&AN=20140922aE004101001
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