Consolidated financials

Consolidation is requirement of companies act so it is required for companies only. Further, you are required to prepare consolidated financials if any company have a subidiary / JV / associate. E.g. if an indian co. have one foreign subsidiary, then it is required to prepare consolidated FS.

Referred to section 129 of the Companies Act 2013 the Company is required to lay before it's general meeting consolidated financial statement of the company including all it's subsidiary, joint venture and associate companies. Also a salient features of the performance of the such companies being consolidated also needs to be specified.
Post implementation of Ind AS, unincorporated joint venture needs to be considered in the standalone financial statement of the Company.
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