A company having only associates companies and not having subsidiaries. Whether consolidated financial statement is required as explanation to section 129(3) of Companies Act, 2013 defines "Subsidiaries" to include "Associates". AS-23 (Accounting of Investments in Associates in Consolidated Financial Statements) will not apply as there is no subsidiary? Please clarify whether the company should prepare consolidated financial statement for its associates? If you, procedure to prepare CSF
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