Consolidation - only associates and no subsidiary - Corporate Law

Divakar

Student CA Final

11857 Points Posted on 05 May 2018

Yes prepared... As per company act

satish

teaching

2046 Points Posted on 05 May 2018

yes as per Accounting Standard 23

Divakar

Student CA Final

11857 Points Posted on 05 May 2018

As 23 doesn't mandate that..... As 21,23,27 only told that if consolidation is there then it as per this standard.... It mandate in company act 2013 section 128

Harini Rajagopalan

7 Points Posted on 05 May 2018

But has it been notified?

Divakar

Student CA Final

11857 Points Posted on 05 May 2018

Yes notified much earlier.... Whether u hv subsidiary or not.... Consolidation is must in case of associate and joint venture also

Divakar

Student CA Final

11857 Points Posted on 05 May 2018

Plz refer section 129(1)(d)....consolidation is mandatory there.... And subsidiary include associates and joint venture also

P C Agrawal

Registered independent director Past Ch

8229 Points Posted on 07 May 2018

Yes, it is mandatory u/s 129(3). Sec.129(3) has been changed vide Companies (Amendment) Act 2017 and the amended provision is yet to come into force. However, even under existing provision it is mandatory to prepare consolidated financials.